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 | 1,700 | $3.52 | $3.30 | $4.95 | $0.39 | $1.38 | $4.56 | $3.18 | $3.30 | $3.30 | $5,610 |
| 1333 | 1,400 | 2.97 | 2.53 | 3.85 | 0.55 | 0.55 | $3.30 | $2.75 | $2.75 | $2.75 | $3,850 |
| 1426 | 1300 | 4.95 | 4.07 | 5.50 | 0.44 | 1.10 | $5.06 | $3.96 | $4.07 | $4.07 | $5,291 |
| 1437 | 1,500 | 3.96 | 3.41 | 3.52 | 0.28 | 0.99 | $3.24 | $2.25 | $3.24 | $3.24 | $4,860 |
| 1510 | 1200 | 2.48 | 2.20 | 3.58 | 0.88 | 0.66 | $2.70 | $2.04 | $2.20 | $2.20 | $2,640 |
| 1522 | 1000 | 3.30 | 2.97 | 4.18 | 0.44 | 0.55 | $3.74 | $3.19 | $3.19 | $3.19 | $3,190 |
| 1573 | 3,500 | 1.98 | 1.76 | 2.75 | 0.83 | 0.55 | $1.92 | $1.37 | $1.76 | $1.76 | $6,160 |
| 1626 | 1,500 | 5.17 | 5.72 | 6.60 | 0.55 | 1.10 | $6.05 | $4.95 | $5.72 | $5.17 | $7,755 |
| Total | $39,356 | ||||||||||
| The amount of Metlock Company’s inventory = $39356 | |||||||||||
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Exercise 9-07 Metlock Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an...
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...
Brief Exercise 9-03 Blue Inc. uses a perpetual inventory system. At January 1, 2020, inventory was $211,730,700 a...
Brief Exercise 9-03 Blue Inc. uses a perpetual inventory system. At January 1, 2020, inventory was $211,730,700 at both cost and realizable value. At December 31, 2020, the Inventory was $282,019,300 at cost and $261,131,400 at realizable value. Prepare the necessary December 31 entry under (a) the cest-of-goods-sold method (b) Loss method. (Credit account titles are automatically indented when amount is entered. Do not indent manualy. If no entry is required, select "No entry for the account titles and enter...
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...
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...
Bonita Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item...
Bonita 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 $3.49 $3.27 $4.91 $0.38 $1.36 1,400 1333 1426 0.55 1.09 1,300 1,500 1,200 1510 1522 1573 1,000 3,500 1626 1,500 5.12 5,67 From the information above, determine the amount of Bonita Company inventory The amount of Bonita Company's inventory $
Coronado Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item bas...
Coronado 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 1,800 $3.58 $3.36 $5.04 $0.39 $1.40 1333 1,500 3.02 2.58 3.92 0.56 0.56 1426 1,400 5.04 4.14 5.60 0.45 1.12 1437 1,600 4.03 3.47 3.58 0.28 1.01 1510 1,300 2.52 2.24 3.64 0.90 0.67 1522 1,100 3.36 3.02 4.26 0.45 0.56 1573 3,600 2.02...
Coronado Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis....
Coronado 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 1,800 $3.58 $3.36 $5.04 $0.39 $1.40 1333 1,500 3.02 2.58 3.92 0.56 0.56 1426 1,400 5.04 4.14 5.60 0.45 1.12 1437 1,600 4.03 3.47 3.58 0.28 1.01 1510 1,300 2.52 2.24 3.64 0.90 0.67 1522 1,100 3.36 3.02 4.26 0.45 0.56 1573 3,600 2.02...
Exercise 9-3 Monty Company follows the practice of pricing its inventory at LCNRV, on an individual-item...
Exercise 9-3 Monty Company follows the practice of pricing its inventory at LCNRV, on an individual-item basis. Cost to Complete and Sell Quantity 1,500 1,200 $1.65 1,100 Item No. 1320 1333 1426 1437 1510 1522 1573 1626 Cost per Unit $3.30 2.78 4.64 3.71 2.32 3.09 1.85 4.84 Estimated Selling Price $4.64 3.50 5.15 3.30 3.35 4.02 2.58 6.18 1,300 1,000 800 3,300 1,300 1.03 1.44 1.39 1.44 0.82 1.24 1.55 From the information above, determine the amount of Monty...
Novak Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis....
Novak Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis. Cost per Estimated Selling Cost to Cost of Completion Normal Quantity Item No. Unit Replace Price and Disposal Profit $4.00 1,700 $3.75 $5.63 $0.44 $1.56 1320 0.63 1333 1,400 3.38 2.88 4.38 0.63 1,300 1426 5.63 4.63 6.25 0.50 1.25 1437 1,500 4.50 3.88 4.00 0.31 1.13 1510 1,200 2.81 2.50 4.06 1.00 0.75 1522 1,000 3.75 3.38 4.75 0.50 0.63 0.63 1573 3,500...
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...
Brief Exercise 9-03 Blue Inc. uses a perpetual inventory system. At January 1, 2020, inventory was $211,730,700 at both cost and realizable value. At December 31, 2020, the Inventory was $282,019,300 at cost and $261,131,400 at realizable value. Prepare the necessary December 31 entry under (a) the cest-of-goods-sold method (b) Loss method. (Credit account titles are automatically indented when amount is entered. Do not indent manualy. If no entry is required, select "No entry for the account titles and enter...
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...
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...
Bonita 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 $3.49 $3.27 $4.91 $0.38 $1.36 1,400 1333 1426 0.55 1.09 1,300 1,500 1,200 1510 1522 1573 1,000 3,500 1626 1,500 5.12 5,67 From the information above, determine the amount of Bonita Company inventory The amount of Bonita Company's inventory $
Exercise 9-3 Monty Company follows the practice of pricing its inventory at LCNRV, on an individual-item basis. Cost to Complete and Sell Quantity 1,500 1,200 $1.65 1,100 Item No. 1320 1333 1426 1437 1510 1522 1573 1626 Cost per Unit $3.30 2.78 4.64 3.71 2.32 3.09 1.85 4.84 Estimated Selling Price $4.64 3.50 5.15 3.30 3.35 4.02 2.58 6.18 1,300 1,000 800 3,300 1,300 1.03 1.44 1.39 1.44 0.82 1.24 1.55 From the information above, determine the amount of Monty...
Novak Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis. Cost per Estimated Selling Cost to Cost of Completion Normal Quantity Item No. Unit Replace Price and Disposal Profit $4.00 1,700 $3.75 $5.63 $0.44 $1.56 1320 0.63 1333 1,400 3.38 2.88 4.38 0.63 1,300 1426 5.63 4.63 6.25 0.50 1.25 1437 1,500 4.50 3.88 4.00 0.31 1.13 1510 1,200 2.81 2.50 4.06 1.00 0.75 1522 1,000 3.75 3.38 4.75 0.50 0.63 0.63 1573 3,500...
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