Question

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 the LCNRV rule, determine the proper unit value for balance sheet reporting purposes at December 31, 2017, for each of the inventory items above Item D Item E Item F 65 Item G 37 Item H Item IExercise 9-7 Sage Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis Estimated Cost per Cost of Completion and Disposal Item Cost to Selling Normal No. Quantity Unit Replace 13202,000 1333 1,700 1426 1,600 1437 1,800 1510 1,500 1522 1,300 1573 3,800 1626 1,800 Profit $1.45 0.58 1.16 1.04 0.70 0.58 0.58 1.16 Price $3.48 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 0.58 $3.71 3.13 5.22 4.18 2.61 3.48 2.09 5.45 From the information above, determine the amount of Sage Company inventory The amount of Sage Companys inventoryVaughn Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is information for the month of May Inventory, May 1 Purchases (gross) Freight-in Sales revenue Sales returns Purchase discounts 174,600 607,000 29,300 983,300 67,700 12,700 Compute the estimated inventory at May 31, assuming that the gross profit is 20% of net sales. The estimated inventory at May 31 LINK TO TEX VIDEO: SIMILAR EXERCISE Compute the estimated inventory at May 31, assuming that the gross profit is 20% of cost. (Round percentage of sales to 2 decimal places, eg, 78.74% and final answer to 0 decimal places, e.g. 6,225.) The estimated inventory at May 31 s

0 0
Add a comment Improve this question Transcribed image text
Answer #1

Exeyclse 9-6 It 119 Eslimated selina pie 27 | 수38 Complele 5H sell H3 수68 | g7 Net Yealisabe value 5H 3 6 Cos unit value for

Add a comment
Know the answer?
Add Answer to:
Pharoah Company uses the LCNRV method, on an individual-item basis, in pricing its inventory items. The...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • Exercise 9-7 Sage Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an...

    Exercise 9-7 Sage Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis Estimated Cost per Cost of Completion and Disposal Item Cost to Selling Normal No. Quantity Unit Replace 13202,000 1333 1,700 1426 1,600 1437 1,800 1510 1,500 1522 1,300 1573 3,800 1626 1,800 Profit $1.45 0.58 1.16 1.04 0.70 0.58 0.58 1.16 Price $3.48 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...

  • Kingbird Company uses the LCNRV method, on an individual-item basis, in pricing its inventory items. The...

    Kingbird 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 Item H Item I Estimated selling price $130 $119 $103 $97 $119 $97 Cost 81 86 86 86 54 39 Cost to complete 32 32 27 38 32 32 Selling costs 11...

  • Current Attempt in Progress Tamarisk Company follows the practice of pricing its inventory at LCNRV, on...

    Current Attempt in Progress Tamarisk 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 2,000 $3.71 $5.22 $1.86 1333 1,700 3.13 3.94 1.16 1426 1,600 5.22 5.80 1.62 1437 1,800 4.18 3.71 1.57 1510 1,500 2.61 3.77 1.62 1522 1,300 3.48 4.52 0.93 1573 3,800 2.09 2.90 1.39 1626 1,800 5.45 6.96 1.74 From the information above, determine the amount...

  • Question 3 --/1 View Policies Current Attempt in Progress Tamarisk Company follows the practice of pricing...

    Question 3 --/1 View Policies Current Attempt in Progress Tamarisk Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis. Cost per Unit Cost to Replace Estimated Selling Price Cost of Completion and Disposal Normal Profit Item No. Quantity 1320 2,000 $3.71 $3.48 $5.22 $0.41 $1.45 1333 1,700 3.13 2.67 4.06 0.58 0.58 1426 1,600 5.22 4.29 5.80 0.46 1.16 1437 1,800 4.18 3.60 3.71 0.29 1.04 1510 1,500 2.61 2.32 3.77 0.93 0.70 1522...

  • xercise 9-7 Concord Company follows the practice of priding its inventory at the lower-of-cost-or-market, on an...

    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...

  • Exercise 9-2 Ayayai Company uses the LCNRV method, on an individual-item basis, in pricing its inventory items. The inve...

    Exercise 9-2 Ayayai 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 Item H Item I Estimated selling price $128 $118 $102 $96 $118 $96 Cost 80 86 86 86 54 39 Cost to complete 32 32 27 37 32 32 Selling...

  • Marigold Company uses the LCNRV method, on an individual-item basis, in pricing its inventory items. The...

    Marigold Company uses the LCNRV method, on an individual-item basis, in pricing its inventory items. The inventory at December 31, 2020, 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 Item H Item I $126 $116 $100 $95 $116 $95 Estimated selling price Cost 79 84 84 53 38 Cost to complete 32 32 26 32 32 Selling costs 19 21 21...

  • Concord Company uses the LCNRV method, on an individual-item basis, in pricing its inventory items. The...

    Concord Company uses the LCNRV method, on an individual-item basis, in pricing its inventory items. The inventory at December 31, 2020, 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 Item H Item I Estimated selling price $127 $117 $101 $95 $117 $95 Cost 80 85 85 85 53 38 Cost to complete 32 32 27 37 32 32 Selling costs 11...

  • Bramble Company uses the LCNRV method, on an individual-item basis, in pricing its inventory items. The...

    Bramble Company uses the LCNRV method, on an individual-item basis, in pricing its inventory items. The inventory at December 31, 2020, 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 Item Item Estimated selling price Cost $138 86 35 12 $127 92 35 21 $109 92 29 12 $104 92 40 23 $127 58 35 12 $104 41 35 23 Cost to...

  • Marigold Company uses the LCNRV method, on an individual-item basis, in pricing its inventory items. The inventory...

    Marigold Company uses the LCNRV method, on an individual-item basis, in pricing its inventory items. The inventory at December 31, 2020, consists of products D, E, F, G, H, and I. Relevant per unit data for these products appear below. Item D $126 Item $116 Item F $100 Item G $95 Item H $116 Item I $95 Estimated selling price Cost Cost to complete Selling costs Using the LCNRV rule, determine the proper unit value for balance sheet reporting purposes...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT