Homework Answers
| Account Titles and Explanation | Debit | Credit |
| Cost of Goods Sold Method | ||
| Cost of Goods Sold | $ 54,308 | |
| Finished Goods Inventory | $ 54,308 | |
| The Loss Method | ||
| Loss due to market decline of inventory | $ 53,325 | |
| Allowance to reduce inventory to market | $ 53,325 |
| Unit Cost | Lower of cost or Market Price | Quantity | Cost of Inventory | Lower of cost or Market Price |
| A | B | C | A*C | B*C |
| $ 8 | $ 8 | 1600 | $ 13,328 | $ 13,328 |
| $ 9 | $ 9 | 1300 | $ 11,830 | $ 11,401 |
| $ 6 | $ 6 | 1500 | $ 9,330 | $ 8,985 |
| $ 4 | $ 4 | 1500 | $ 6,330 | $ 6,330 |
| $ 7 | $ 7 | 1900 | $ 13,490 | $ 13,281 |
| $ 54,308 | $ 53,325 |
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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...
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. Item 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 Normal Profit Margin/Unit $2.00 1.33 0.67 1.67 1.11 0.89 0.78 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...
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...
Problem 9-5 Pearl Co. follows the practice of valuing its inventory at the lower-of-cost-or-market. The following...
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...
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...
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...
Ivanhoe Co. follows the practice of valuing its inventory at the lower-of-cost-or-market. The following information is...
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...
Intermediate accounting Item Quantity Unit Cost Replacement Cost/Unit Estimated Selling Price/Unit Completion & Disposal Cost/Unit Normal...
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....
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...
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 avail...
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...
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. Item 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 Normal Profit Margin/Unit $2.00 1.33 0.67 1.67 1.11 0.89 0.78 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...
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...
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...
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