Homework Answers
Determination of the amount of Nash Company Inventory :-
| Item No. | Quantity | Cost/unit | Estimated Selling Price (i.e. Market Price) | Lower of Cost or Market Price | Amount of Inventory |
| 1320 | 1700 | $4.00 | $5.63 | $4.00 | $6.800 |
| 1333 | 1400 | $3.38 | $4.38 | $3.38 | $4,732 |
| 1426 | 1300 | $5.63 | $6.25 | $5.63 | $7,319 |
| 1437 | 1500 | $4.50 | $4.00 | $4.00 | $6,000 |
| 1510 | 1200 | $2.81 | $4.06 | $2.81 | $3,372 |
| 1522 | 1000 | $3.75 | $4.75 | $3.75 | $3,750 |
| 1573 | 3500 | $2.25 | $3.13 | $2.25 | $7,875 |
| 1626 | 1500 | $5.88 | $7.50 | $5.88 | $8,820 |
| TOTAL | $48,668 |
Total amount of Nash Company's Inventory = $48,668 /-
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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
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$4.86
$0.38
$1.35
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1,300
2.92
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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
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1,100
2.43
2.16
3.51
0.86
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1522
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3.24
2.92
4.10
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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...
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