Homework Answers
Answer:
| Item no | Estimated selling price (NRV) | Cost of completion and disposal | NRV ceiling (estimated selling price - cost of completion and disposal) | Normal Profit | NRV floor (NRV ceiling - normal profit) |
| 1320 | 5.54 | 0.43 | 5.11 | 1.54 | 3.57 |
| 1333 | 4.31 | 0.62 | 3.69 | 0.62 | 3.07 |
| 1426 | 6.15 | 0.49 | 5.66 | 1.23 | 4.43 |
| 1437 | 3.94 | 0.31 | 3.63 | 1.11 | 2.52 |
| 1510 | 4.00 | 0.98 | 3.02 | 0.74 | 2.28 |
| 1522 | 4.67 | 0.49 | 4.18 | 0.62 | 3.56 |
| 1573 | 3.08 | 0.92 | 2.16 | 0.62 | 1.54 |
| 1626 | 7.38 | 0.62 | 6.76 | 1.23 | 5.53 |
| Item no | Cost to replace | NRV ceiling | NRV floor | Designed market (median of cost to replace, NRV ceiling and NRV floor) |
| 1320 | 3.69 | 5.11 | 3.57 | 3.69 |
| 1333 | 2.83 | 3.69 | 3.07 | 3.07 |
| 1426 | 4.55 | 5.66 | 4.43 | 4.43 |
| 1437 | 3.81 | 3.63 | 2.52 | 3.63 |
| 1510 | 2.46 | 3.02 | 2.28 | 2.46 |
| 1522 | 3.32 | 4.18 | 3.56 | 3.56 |
| 1573 | 1.97 | 2.16 | 1.54 | 1.97 |
| 1626 | 6.40 | 6.76 | 5.53 | 6.40 |
| Designed market value calculated based on center value of above three |
| Item no | Designed market | Cost per unit | Inventory value (lower of designed market or cost per unit) | Quantity | Total value (inventory value * quantity) |
| 1320 | 3.69 | 3.94 | 3.69 | 1600 | 5904 |
| 1333 | 3.07 | 3.32 | 3.07 | 1300 | 3991 |
| 1426 | 4.43 | 5.54 | 4.43 | 1200 | 5316 |
| 1437 | 3.63 | 4.43 | 3.63 | 1400 | 5082 |
| 1510 | 2.46 | 2.77 | 2.46 | 1100 | 2706 |
| 1522 | 3.56 | 3.69 | 3.56 | 900 | 3204 |
| 1573 | 1.97 | 2.21 | 1.97 | 3400 | 6698 |
| 1626 | 6.40 | 5.78 | 5.78 | 1400 | 8092 |
| Amount of Sedato company inventory | 40993 |
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Exercise 9-7 Martinez Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an...
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...
need help, i got the wrong answer CALCU Exercise 9-7 23 Your answer is incorrect. Try...
need help, i got the wrong answer
CALCU Exercise 9-7 23 Your answer is incorrect. Try again. Martinez 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...
Exercise 9-7 Kingbird Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an...
Exercise 9-7 Kingbird Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis. Cost per Item No. 1320 1333 Estimated Selling Price $5.36 4.17 5.95 1426 Quantity 1,400 1,100 1,000 1,200 900 700 3,200 1,200 Cost to Replace $3.57 2.74 4.40 3.69 2.38 3.21 1.90 6.19 Unit $3.81 3.21 5.36 4.28 2.68 3.57 2.14 5.59 Cost of Completion and Disposal $0.42 0.60 0.48 0.30 0.95 0.48 0.89 0.60 Normal Profit $1.49 0.60 1.19 1.07 1437...
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...
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...
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...
Exercise 9-3 Sweet Company follows the practice of pricing its inventory at LCNRV, on an individual-item...
Exercise 9-3 Sweet Company follows the practice of pricing its inventory at LCNRV, on an individual-item basis. Cost per Unit Estimated Selling Price $3.81 $5.36 4.05 3.21 5.36 5.95 Item No. 1320 1333 1426 1437 1510 1522 1573 1626 Quantity 1,500 1,200 1,100 1,300 1,000 800 3,300 1,300 3.81 3.87 Cost to Complete and Sell $1.90 1.19 1.67 1.61 1.67 0.95 1.43 1.79 4.64 3.57 2.14 5.59 2.98 7.14 From the information above, determine the amount of Sweet Company inventory....
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 9-07 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...
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...
need help, i got the wrong answer
CALCU Exercise 9-7 23 Your answer is incorrect. Try again. Martinez 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...
Exercise 9-7 Kingbird Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis. Cost per Item No. 1320 1333 Estimated Selling Price $5.36 4.17 5.95 1426 Quantity 1,400 1,100 1,000 1,200 900 700 3,200 1,200 Cost to Replace $3.57 2.74 4.40 3.69 2.38 3.21 1.90 6.19 Unit $3.81 3.21 5.36 4.28 2.68 3.57 2.14 5.59 Cost of Completion and Disposal $0.42 0.60 0.48 0.30 0.95 0.48 0.89 0.60 Normal Profit $1.49 0.60 1.19 1.07 1437...
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...
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...
Exercise 9-3 Sweet Company follows the practice of pricing its inventory at LCNRV, on an individual-item basis. Cost per Unit Estimated Selling Price $3.81 $5.36 4.05 3.21 5.36 5.95 Item No. 1320 1333 1426 1437 1510 1522 1573 1626 Quantity 1,500 1,200 1,100 1,300 1,000 800 3,300 1,300 3.81 3.87 Cost to Complete and Sell $1.90 1.19 1.67 1.61 1.67 0.95 1.43 1.79 4.64 3.57 2.14 5.59 2.98 7.14 From the information above, determine the amount of Sweet Company inventory....
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 9-07 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...
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