Metlock Co. follows the practice of valuing its inventory at the lower-of-cost-or-market. The following information is...
Metlock Co. follows the practice of valuing its inventory at the lower-of-cost-or-market. The following information is available from the company's inventory records as of December 31, 2020. Normal Profit Margin/Unit Item Unit Cost $8.33 9.10 6.22 Quantity 1,600 1,300 1,500 1,500 1,900 $2.00 Replacement Cost/Unit $9.32 8.77 5.99 4.66 6.99 Estimated Selling Price/Unit $11.66 10.43 7.99 6.99 7.44 Completion & Disposal Cost/Unit $1.67 1.00 1.28 0.89 0.78 1.33 4.22 0.67 1.67 1.11 7.10 Greg Forda is an accounting clerk in...
eso, Intermediate Accounting, 17e elp System Announcements CALCU blem 9-05 a-b land Co. follows the practice of valuing its inventory at the lower-of-cost-or-market. The following information is available fro ember 31, 2020 m Quantity 1,600 1,300 1,500 1,500 1,900 Unit Cost $8.33 9.10 6.22 4.22 7.10 Replacement Cost/Unit $9.32 8.77 5.99 4.66 6.99 Estimated Selling Price/Unit $11.66 10.43 7.99 6.99 7.44 Completion & Disposal Cost/Unit $1.67 1.00 1.28 0.89 0.78 Normal Profit Margin/Unit $2.00 1.33 0.67 1.67 1.11 eg Forda...
Ivanhoe Co. follows the practice of valuing its inventory at the lower-of-cost-or-market. The following information is available from the company’s inventory records as of December 31, 2017. Item Quantity Unit Cost Replacement Cost/Unit Estimated Selling Price/Unit Completion & Disposal Cost/Unit Normal Profit Margin/Unit A 1,900 $9.23 $10.33 $12.92 $1.85 $2.21 B 1,600 10.09 9.72 11.56 1.11 1.48 C 1,800 6.89 6.64 8.86 1.41 0.74 D 1,800 4.67 5.17 7.75 0.98 1.85 E 2,200 7.87 7.75 8.24 0.86 1.23 Greg Forda...
Problem 9-5 Pearl Co. follows the practice of valuing its inventory at the lower-of-cost-or-market. The following information is available from the company’s inventory records as of December 31, 2017. Item Quantity Unit Cost Replacement Cost/Unit Estimated Selling Price/Unit Completion & Disposal Cost/Unit Normal Profit Margin/Unit A 1,800 $8.18 $9.16 $11.45 $1.64 $1.96 B 1,500 8.94 8.61 10.25 0.98 1.31 C 1,700 6.10 5.89 7.85 1.25 0.65 D 1,700 4.14 4.58 6.87 0.87 1.64 E 2,100 6.98 6.87 7.30 0.76 1.09...
Question 2 Swifty Co. follows the practice of valuing its inventory at the lower-of-cost-or-market. The following information is available from the company’s inventory records as of December 31, 2020. Item Quantity Unit Cost Replacement Cost/Unit Estimated Selling Price/Unit Completion & Disposal Cost/Unit Normal Profit Margin/Unit A 1,200 $8.70 $9.74 $12.18 $1.74 $2.09 B 900 9.51 9.16 10.90 1.04 1.39 C 1,100 6.50 6.26 8.35 1.33 0.70 D 1,100 4.41 4.87 7.31 0.93 1.74 E 1,500 7.42 7.31 7.77 0.81 1.16...
Problem 9-5 Waterway Co. follows the practice of valuing its inventory at the lower-of-cost-or-market. The following information is available from the company’s inventory records as of December 31, 2017. Item Quantity Unit Cost Replacement Cost/Unit Estimated Selling Price/Unit Completion & Disposal Cost/Unit Normal Profit Margin/Unit A 1,300 $8.78 $9.83 $12.29 $1.76 $2.11 B 1,000 9.59 9.24 11.00 1.05 1.40 C 1,200 6.55 6.32 8.42 1.35 0.70 D 1,200 4.45 4.91 7.37 0.94 1.76 E 1,600 7.49 7.37 7.84 0.82 1.17...
Intermediate accounting Item Quantity Unit Cost Replacement Cost/Unit Estimated Selling Price/Unit Completion & Disposal Cost/Unit Normal Profit Margin/Unit A 1,700 $7.95 $8.90 $11.13 $1.59 $1.91 B 1,400 8.69 8.37 9.96 0.95 1.27 C 1,600 5.94 5.72 7.63 1.22 0.64 D 1,600 4.03 4.45 6.68 0.85 1.59 E 2,000 6.78 6.68 7.10 0.74 1.06 Greg Forda is an accounting clerk in the accounting department of Crane Co., and he cannot understand why the market value keeps changing from replacement cost to...
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...
Exercise 9-07 Metlock 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 Cost Item Cost to Normal per Replace Profit No. Quantity Unit $4.95 1320 1,700 $3.52 $3.30 $0.39 $1.38 2.53 3.85 1333 1,400 2.97 0.55 0.55 0.44 1426 1,300 4.95 4.07 5.50 1.10 1,500 3.41 0.28 1437 3.96 3.52 0.99 1,200 0.88 0.66 1510 2.48 2.20 3.58 0.55 1522 1,000 3.30 2.97 4.18 0.44 1573...
P9-11 (LCNRV) Taipai Co. follows the practice of valuing its inventory at the LCNRV. The following information is available from the company's inventory records as of December 31, 2015 (amounts in thousands) Estimated Selling Completion & Selling Unit Item Quantity Cost Price/Unit Cost/Unit 1,100 800 NT$7.50 NT$10.50 9.40 NT$1.50 8.20 1.30 1,000 1,000 1,400 5.60 7.20 6.30 6.70 1.75 3.80 1.80 0.70 6.40 Instructions Jay Shin is an accounting clerk in the accounting department of Taipai Co., and he cannot...