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 | 1,600 | $3.42 | $3.21 | $4.82 | $0.37 | $1.34 | $4.45 | $3.11 | $3.21 | $3.21 | $5,136 |
| 1333 | 1,300 | 2.89 | 2.46 | 3.75 | 0.54 | 0.54 | $3.21 | $2.67 | $2.67 | $2.67 | $3,471 |
| 1426 | 1200 | 4.82 | 3.96 | 5.35 | 0.43 | 1.07 | $4.92 | $3.85 | $3.96 | $3.96 | $4,752 |
| 1437 | 1,400 | 3.85 | 3.32 | 3.42 | 0.27 | 0.96 | $3.15 | $2.19 | $3.15 | $3.15 | $4,410 |
| 1510 | 1100 | 2.41 | 2.14 | 3.48 | 0.86 | 0.64 | $2.62 | $1.98 | $2.14 | $2.14 | $2,354 |
| 1522 | 900 | 3.21 | 2.89 | 4.07 | 0.43 | 0.54 | $3.64 | $3.10 | $3.10 | $3.10 | $2,790 |
| 1573 | 3,400 | 1.93 | 1.71 | 2.68 | 0.80 | 0.54 | $1.88 | $1.34 | $1.71 | $1.71 | $5,814 |
| 1626 | 1,400 | 5.03 | 5.56 | 6.42 | 0.54 | 1.07 | $5.88 | $4.81 | $5.56 | $5.03 | $7,042 |
| Total | $35,769 | ||||||||||
| The amount of Sheridan Company’s inventory = $35769 | |||||||||||
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Sheridan Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis....
Exercise 9-3 Oriole Company follows the practice of pricing its inventory at LCNRV, on an individual-item...
Exercise 9-3 Oriole Company follows the practice of pricing its inventory at LCNRV, on an individual-item basis. Cost Cost to Complete and Sell Estimated Item No. Quantity per Unit Selling Price 1320 1,900 $3.42 $4.82 $1.71 1333 1,600 2.89 3.64 1.07 1426 1,500 4.82 5.35 1.50 1437 1,700 3.85 3.42 1.44 1510 1,400 2.41 3.48 1.50 1522 1,200 3.21 4.17 0.86 1573 3,700 1.93 2.68 1.28 1626 1,700 5.03 6.42 1.61 From the information above, determine the amount of Oriole...
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...
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. Estimated Selling Price Cost of Completion and Disposal Item No. Quantity Cost per Unit Cost to Replace 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...
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. Estimated Selling Cost of Completion and Disposal Cost to Replace Item No. Quantity Cost per Unit Price Normal Profit $3.46 $3.24 $4.86 $0.38 $1.35 1,600 1320 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 0.65 900 3,24 2.92 0.43 0.54 1522 4.10 1573 3,400 1.94...
Stellar Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis....
Stellar 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 $3.81 $3.57 $5.36 $0.42 $1.49 1333 1,100 3.21 2.74 4.17 0.60 0.60 1426 1,000 5.36 4.40 5.95 0.48 1.19 1437 1,200 4.28 3.69 3.81 0.30 1.07 1510 900 2.68 2.38 3.87 0.95 0.71 1522 700 3.57 3.21 4.52 0.48 0.60 1573 3,200 2.14...
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...
Blossom Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis....
Blossom 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 1,600 1,300 1,200 1,400 1,100 900 3,400 1,400 Cost per Unit $3.94 3.32 5.54 4.43 2.77 3.69 2.21 5.78 Cost to Replace $3.69 2.83 4.55 3.81 2.46 3.32 1.97 6.40 Estimated Selling Price $5.54 4.31 6.15 3.94 4.00 4.67 3.08 Cost of Completion and Disposal $0.43 0.62 0.49 0.31 0.98 0.49 0.92 0.62...
Exercise 9-7 Crane Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an...
Exercise 9-7
Crane 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...
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...
Sunland Company follows the practice of pricing its inventory at LCNRV, on an individual-item basis. Cost per Unit Esti...
Sunland 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 1,700 $3.62 $5.09 $1.81 1333 1,400 3.05 3.84 1.13 1426 1,300 5.09 5.65 1.58 1437 1,500 4.07 3.62 1.53 1510 1,200 2.54 3.67 1.58 1522 1,000 3.39 4.41 0.90 1573 3,500 2.03 2.83 1.36 1626 1,500 5.31 6.78 1.70 From the information above, determine the amount of Sunland Company inventory....
Exercise 9-3 Oriole Company follows the practice of pricing its inventory at LCNRV, on an individual-item basis. Cost Cost to Complete and Sell Estimated Item No. Quantity per Unit Selling Price 1320 1,900 $3.42 $4.82 $1.71 1333 1,600 2.89 3.64 1.07 1426 1,500 4.82 5.35 1.50 1437 1,700 3.85 3.42 1.44 1510 1,400 2.41 3.48 1.50 1522 1,200 3.21 4.17 0.86 1573 3,700 1.93 2.68 1.28 1626 1,700 5.03 6.42 1.61 From the information above, determine the amount of Oriole...
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...
Windsor 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 $3.46 $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...
Windsor Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis. Estimated Selling Cost of Completion and Disposal Cost to Replace Item No. Quantity Cost per Unit Price Normal Profit $3.46 $3.24 $4.86 $0.38 $1.35 1,600 1320 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 0.65 900 3,24 2.92 0.43 0.54 1522 4.10 1573 3,400 1.94...
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...
Blossom 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 1,600 1,300 1,200 1,400 1,100 900 3,400 1,400 Cost per Unit $3.94 3.32 5.54 4.43 2.77 3.69 2.21 5.78 Cost to Replace $3.69 2.83 4.55 3.81 2.46 3.32 1.97 6.40 Estimated Selling Price $5.54 4.31 6.15 3.94 4.00 4.67 3.08 Cost of Completion and Disposal $0.43 0.62 0.49 0.31 0.98 0.49 0.92 0.62...
Exercise 9-7
Crane 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...
Sunland 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 1,700 $3.62 $5.09 $1.81 1333 1,400 3.05 3.84 1.13 1426 1,300 5.09 5.65 1.58 1437 1,500 4.07 3.62 1.53 1510 1,200 2.54 3.67 1.58 1522 1,000 3.39 4.41 0.90 1573 3,500 2.03 2.83 1.36 1626 1,500 5.31 6.78 1.70 From the information above, determine the amount of Sunland Company inventory....
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