Homework Answers
| Ans. | ||||||||
| Item no. | Quantity (a) | Cost per unit | Cost to replace | Ceiling | Floor | Designated Market (b) | Final Inventory (a*b) | |
| value | ||||||||
| 1320 | 1700 | $4.00 | $3.75 | $5.19 | $3.63 | $3.75 | $6,375 | |
| 1333 | 1400 | $3.38 | $2.88 | $3.75 | $3.12 | $3.12 | $4,368 | |
| 1426 | 1300 | $5.63 | $4.63 | $5.75 | $4.50 | $4.63 | $6,019 | |
| 1437 | 1500 | $4.50 | $3.88 | $3.69 | $2.56 | $3.69 | $5,535 | |
| 1510 | 1200 | $2.81 | $2.50 | $3.06 | $2.31 | $2.50 | $3,000 | |
| 1522 | 1000 | $3.75 | $3.38 | $4.25 | $3.62 | $3.62 | $3,620 | |
| 1573 | 3500 | $2.25 | $2.00 | $2.19 | $1.56 | $2.00 | $7,000 | |
| 1626 | 1500 | $5.88 | $6.50 | $6.87 | $5.62 | $6.50 | $9,750 | |
| Amount of Novak Company's Inventory | $45,667 | |||||||
| *Designated Market value = Mid value among cost to replace, ceiling and floor. | ||||||||
| *Total inventory = Quantity * Designated market value per unit | ||||||||
| *Calculations for Ceiling : | ||||||||
| Item no. | Estimated Selling price | Cost to completion and | Ceiling | |||||
| (a) | disposal (b) | (a - b) | ||||||
| 1320 | $5.63 | $0.44 | $5.19 | |||||
| 1333 | $4.38 | $0.63 | $2.40 | |||||
| 1426 | $6.25 | $0.50 | $5.75 | |||||
| 1437 | $4.00 | $0.31 | $3.69 | |||||
| 1510 | $4.06 | $1.00 | $3.06 | |||||
| 1522 | $4.75 | $0.50 | $4.25 | |||||
| 1573 | $3.13 | $0.94 | $2.19 | |||||
| 1626 | $7.50 | $0.63 | $6.87 | |||||
| *Calculations for Floor: | ||||||||
| Item no. | Ceiling | Normal Profit | Floor | |||||
| (a) | (b) | (a-b) | ||||||
| 1320 | $5.19 | $1.56 | $3.63 | |||||
| 1333 | $3.75 | $0.63 | $3.12 | |||||
| 1426 | $5.75 | $1.25 | $4.50 | |||||
| 1437 | $3.69 | $1.13 | $2.56 | |||||
| 1510 | $3.06 | $0.75 | $2.31 | |||||
| 1522 | $4.25 | $0.63 | $3.62 | |||||
| 1573 | $2.19 | $0.63 | $1.56 | |||||
| 1626 | $6.87 | $1.25 | $5.62 | |||||
Add Answer to:
Novak Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis....
Exercise 9-07 Novak Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an...
Exercise 9-07 Novak Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis. Item No. 1320 1333 1426 1437 1510 1522 1573 1626 Quantity 1,700 1,400 1,300 1,500 1,200 1,000 3,500 1,500 Cost per Unit $4.00 3.38 5.63 4.50 2.81 3.75 2.25 5.88 Cost to Replace $3.75 2.88 4.63 3.88 2.50 3.38 2.00 6.50 Estimated Selling Price $5.63 4.38 6.25 4.00 4.06 4.75 3.13 7.50 Cost of Completion and Disposal $0.44 0.63 0.50 0.31 1.00...
Exercise 9-7 Nash Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an...
Exercise 9-7 Nash Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-Item basis. Item No. Cost per Unit $4.00 1320 1333 3.38 Quantity 1,700 1,400 1,300 1,500 1,200 1,000 3,500 1,500 1426 1437 1510 1522 1573 1626 Estimated Selling Price $5.63 4.38 6.25 4.00 4.06 4.75 3.13 Cost to Replace $3.75 2.88 4.63 3.88 2.50 3.38 2.00 6.50 4.50 Cost of Completion and Disposal $0.44 0.63 0.50 0.31 1.00 0.50 0.94 0.63 Normal Profit $1.56...
Novak Company follows the practice of pricing its inventory at LCNRV, on an individual-item basis. Item...
Novak Company follows the practice of pricing its inventory at LCNRV, on an individual-item basis. Item No. Quantity Cost per Unit Estimated Selling Price Cost to Complete and Sell 1320 1,300 $4.00 $5.63 $2.00 1333 1,000 3.38 4.25 1.25 1426 900 5.63 6.25 1.75 1437 1,100 4.50 4.00 1.69 1510 800 2.81 4.06 1.75 1522 600 3.75 4.88 1.00 1573 3,100 2.25 3.13 1.50 1626 1,100 5.88 7.50 1.88 From the information above, determine the amount of Novak Company inventory....
Marigold Company follows the practice of pricing its inventory at LCNRV, on an individual-item basis. Cost...
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 above, determine the amount of Marigold Company inventory....
Bramble Company follows the practice of pricing its inventory at LCNRV, on an individual-item basis. From...
Bramble Company follows the practice of pricing its inventory at LCNRV, on an individual-item basis. From the information below, determine the amount of Bramble Company inventory. _______ Item No. Quantity Cost per Unit Estimated Selling Price Cost to Complete and Sell 1320 1,800 $3.65 $5.13 $1.82 1333 1,500 3.08 3.88 1.14 1426 1,400 5.13 5.70 1.60 1437 1,600 4.10 3.65 1.54 1510 1,300 2.57 3.71 1.60 1522 1,100 3.42 4.45 0.91 1573 3,600 2.05 2.85 1.37 1626 1,600 5.36 6.84...
Kingbird Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis....
Kingbird 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 1,500 $3.87 $3.63 $5.45 $0.42 $1.51 1333 1,200 3.27 2.78 4.24 0.61 0.61 1426 1,100 5.45 4.48 6.05 0.48 1.21 1437 1,300 4.36 3.75 3.87 0.30 1.09 1510 1,000 2.72 2.42 3.93 0.97 0.73 1522 800 3.63 3.27 4.60 0.48 0.61 1573 3,300 2.18...
Concord Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item bas...
Concord 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 1,500 $3.36 $3.15 $4.73 $0.37 $1.31 1333 1.200 2.84 2.42 3.68 0.53 0.53 1426 1,100 4.73 3.89 5.25 0.42 1.05 1437 1,300 3.26 3.36 0.26 0.95 3.78 2.36 1,000 2.10 3.41 0.84 0.63 1510 1522 1573 800 3.15 2.84 3.99 0.42 0.53 3,300 1.89...
Metlock Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis....
Metlock Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis. Cost to Replace Estimated Selling Price Cost of Completion and Disposal Item No. Quantity Cost per Unit Normal Profit 1320 1,700 $3.52 $3.30 $4.95 $0.39 $1.38 1333 1,400 2.97 2.53 3.85 0.55 0.55 1426 1,300 4.95 4.07 5.50 0.44 1.10 1437 1,500 3.96 3.41 3.52 0.28 0.99 1510 1,200 2.48 2.20 3.58 0.88 0.66 1522 1,000 3.30 2.97 4.18 0.44 0.55 1573 3,500 1.98...
Sheridan Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis....
Sheridan 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 1,600 $3.42 $3.21 $4.82 $0.37 $1.34 1333 1,300 2.89 2.46 3.75 0.54 0.54 1426 1,200 4.82 3.96 5.35 0.43 1.07 1437 1,400 3.85 3.32 3.42 0.27 0.96 1510 1,100 2.41 2.14 3.48 0.86 0.64 1522 900 3.21 2.89 4.07 0.43 0.54 1573 3,400 1.93...
Windsor Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis....
Windsor 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
1,600
$3.46
$3.24
$4.86
$0.38
$1.35
1333
1,300
2.92
2.48
3.78
0.54
0.54
1426
1,200
4.86
4.00
5.40
0.43
1.08
1437
1,400
3.89
3.35
3.46
0.27
0.97
1510
1,100
2.43
2.16
3.51
0.86
0.65
1522
900
3.24
2.92
4.10
0.43
0.54
1573
3,400
1.94...
Exercise 9-07 Novak Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis. Item No. 1320 1333 1426 1437 1510 1522 1573 1626 Quantity 1,700 1,400 1,300 1,500 1,200 1,000 3,500 1,500 Cost per Unit $4.00 3.38 5.63 4.50 2.81 3.75 2.25 5.88 Cost to Replace $3.75 2.88 4.63 3.88 2.50 3.38 2.00 6.50 Estimated Selling Price $5.63 4.38 6.25 4.00 4.06 4.75 3.13 7.50 Cost of Completion and Disposal $0.44 0.63 0.50 0.31 1.00...
Exercise 9-7 Nash Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-Item basis. Item No. Cost per Unit $4.00 1320 1333 3.38 Quantity 1,700 1,400 1,300 1,500 1,200 1,000 3,500 1,500 1426 1437 1510 1522 1573 1626 Estimated Selling Price $5.63 4.38 6.25 4.00 4.06 4.75 3.13 Cost to Replace $3.75 2.88 4.63 3.88 2.50 3.38 2.00 6.50 4.50 Cost of Completion and Disposal $0.44 0.63 0.50 0.31 1.00 0.50 0.94 0.63 Normal Profit $1.56...
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 above, determine the amount of Marigold Company inventory....
Kingbird 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 1,500 $3.87 $3.63 $5.45 $0.42 $1.51 1333 1,200 3.27 2.78 4.24 0.61 0.61 1426 1,100 5.45 4.48 6.05 0.48 1.21 1437 1,300 4.36 3.75 3.87 0.30 1.09 1510 1,000 2.72 2.42 3.93 0.97 0.73 1522 800 3.63 3.27 4.60 0.48 0.61 1573 3,300 2.18...
Concord 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 1,500 $3.36 $3.15 $4.73 $0.37 $1.31 1333 1.200 2.84 2.42 3.68 0.53 0.53 1426 1,100 4.73 3.89 5.25 0.42 1.05 1437 1,300 3.26 3.36 0.26 0.95 3.78 2.36 1,000 2.10 3.41 0.84 0.63 1510 1522 1573 800 3.15 2.84 3.99 0.42 0.53 3,300 1.89...
Metlock Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis. Cost to Replace Estimated Selling Price Cost of Completion and Disposal Item No. Quantity Cost per Unit Normal Profit 1320 1,700 $3.52 $3.30 $4.95 $0.39 $1.38 1333 1,400 2.97 2.53 3.85 0.55 0.55 1426 1,300 4.95 4.07 5.50 0.44 1.10 1437 1,500 3.96 3.41 3.52 0.28 0.99 1510 1,200 2.48 2.20 3.58 0.88 0.66 1522 1,000 3.30 2.97 4.18 0.44 0.55 1573 3,500 1.98...
Sheridan 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 1,600 $3.42 $3.21 $4.82 $0.37 $1.34 1333 1,300 2.89 2.46 3.75 0.54 0.54 1426 1,200 4.82 3.96 5.35 0.43 1.07 1437 1,400 3.85 3.32 3.42 0.27 0.96 1510 1,100 2.41 2.14 3.48 0.86 0.64 1522 900 3.21 2.89 4.07 0.43 0.54 1573 3,400 1.93...
Windsor 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
1,600
$3.46
$3.24
$4.86
$0.38
$1.35
1333
1,300
2.92
2.48
3.78
0.54
0.54
1426
1,200
4.86
4.00
5.40
0.43
1.08
1437
1,400
3.89
3.35
3.46
0.27
0.97
1510
1,100
2.43
2.16
3.51
0.86
0.65
1522
900
3.24
2.92
4.10
0.43
0.54
1573
3,400
1.94...
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