Homework Answers
| Item No. | Quantity | Cost per Unit | Cost to Replace | Estimated Selling Price | Cost of Completion and Disposal | Normal Profit | NRV | NRV less normal profit | Market | Lower of cost or market | Inventory value |
| 1320 | 2,000 | $3.71 | $3.48 | $5.22 | $0.41 | $1.45 | $4.81 | $3.36 | $3.48 | $3.48 | $6,960 |
| 1333 | 1,700 | 3.13 | 2.67 | 4.06 | 0.58 | 0.58 | $3.48 | $2.90 | $2.90 | $2.90 | $4,930 |
| 1426 | 1600 | 5.22 | 4.29 | 5.80 | 0.46 | 1.16 | $5.34 | $4.18 | $4.29 | $4.29 | $6,864 |
| 1437 | 1,800 | 4.18 | 3.60 | 3.71 | 0.29 | 1.04 | $3.42 | $2.38 | $3.42 | $3.42 | $6,156 |
| 1510 | 1500 | 2.61 | 2.32 | 3.77 | 0.93 | 0.70 | $2.84 | $2.14 | $2.32 | $2.32 | $3,480 |
| 1522 | 1300 | 3.48 | 3.13 | 4.41 | 0.46 | 0.58 | $3.95 | $3.37 | $3.37 | $3.37 | $4,381 |
| 1573 | 3,800 | 2.09 | 1.86 | 2.90 | 0.87 | 0.58 | $2.03 | $1.45 | $1.86 | $1.86 | $7,068 |
| 1626 | 1,800 | 5.45 | 6.03 | 6.96 | 0.58 | 1.16 | $6.38 | $5.22 | $6.03 | $5.45 | $9,810 |
| Total | $49,649 | ||||||||||
| The amount of Tamarisk Company’s inventory = $49649 | |||||||||||
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Question 3 --/1 View Policies Current Attempt in Progress Tamarisk Company follows the practice of pricing...
Exercise 9-7 Sage Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an...
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Question 1 View Policies Current Attempt in Progress Marigold Company follows the practice of pricing its inventory at...
Question 1 View Policies Current Attempt in Progress Marigold Company follows the practice of pricing its inventory at LCNRV, on an individual-item basis. Cost per Unit Estimated Selling Price Cost to Complete and Sell Item No. Quantity 1320 1,600 $3.33 $4.68 $1.66 1333 1,300 2.81 3.54 1.04 1426 1,200 4.68 5.20 1.46 1437 1,400 3.74 3.33 1.40 1510 1,100 2.34 3.38 1.46 1522 900 3.12 4.06 0.83 1573 3,400 1.87 2.60 1.25 1626 1,400 4.89 6.24 1.56 From the information...
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-- Question 3 View Policies Current Attempt in Progress Marigold Company follows the practice of pricing its inventory...
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xercise 9-7 Concord Company follows the practice of priding its inventory at the lower-of-cost-or-market, on an individual-item basis. Cost per Cost to Selling Estimated Cost of Completion Normal and Disposal Profit Item No.Quantity UnitReplacePrice 1320 2,000 $3.71 $3.48 1333 1,700 3.13 1426 1,6005.22 1437 1,800 4.18 1510 1,500 2.61 1522 1,300 3.48 1573 3,800 2.09 1626 1,800 5.45 2.67 4.29 3.60 2.32 3.13 1.86 6.03 $5.22 4.06 5.80 3.71 3.77 4.41 2.90 6.96 $0.41 0.58 0.46 0.29 0.93 0.46 0.87...
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Pharoah Company uses the LCNRV method, on an individual-item basis, in pricing its inventory items. The inventory at December 31, 2017, consists of products D, E, F, G, H, and I. Relevant per unit data for these products appear below Item D Item E Item F Item G $97 86 Item H Estimated selling price Cost Cost to complete Selling costs $130 81 32 $119 86 32 19 $103 86 27 Item I $97 39 32 $119S 54 32 Using...
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Vaughn Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis. Estimated Selling Price Cost of Completion and Disposal Item No. Quantity Cost per Unit Cost to Replace Normal Profit 1320 2,000 $3.68 $3.45 $5.18 $0.40 $1.44 1333 1,700 3.11 2.65 4.03 0.58 0.58 1426 1,600 5.18 4.26 5.75 0.46 1.15 1437 1,800 4.14 3.68 0.29 1.04 3.57 2.30 1510 1,500 2.59 3.74 0.92 0.69 1522 1,300 3.11 4.37 0.46 0.58 1573 3,800 3.45 2.07...
-- Question 3 View Policies Current Attempt in Progress Marigold Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis. Item No. Quantity Cost per Unit Cost to Replace Estimated Selling Price Cost of Completion and Disposal Normal Profit 1320 1,400 $3.33 $3.12 $4.68 $0.36 $1.30 1333 1,100 2.81 2.39 3.64 0.52 0.52 1426 1,000 4.68 3.85 5.20 0.42 1.04 1437 1,200 3.74 3.22 3.33 0.26 0.94 1510 900 2.34 2.08 3.38 0.83 0.62 1522...
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