Problem 9-1 Wildhorse Company manufactures desks. Most of the company’s desks are standard models and are sold on the ba...
Problem 9-1
Wildhorse Company manufactures desks. Most of the company’s
desks are standard models and are sold on the basis of catalog
prices. At December 31, 2017, the following finished desks (10
desks in each category) appear in the company’s
inventory.
|
Finished Desks |
A |
B |
C |
D |
||||
| 2017 catalog selling price | $445 | $493 | $919 | $1,043 | ||||
| FIFO cost per inventory list 12/31/17 | 487 | 474 | 830 | 951 | ||||
| Estimated cost to complete and sell | 50 | 110 | 252 | 213 | ||||
| 2018 catalog selling price | 512 | 551 | 919 | 1,219 |
The 2017 catalog was in effect through November 2017, and the 2018
catalog is effective as of December 1; catalog prices are net of
the usual discounts.
At what amount should each of the four desks appear in the
company’s December 31, 2017, inventory, assuming that the company
has adopted a lower-of-FIFO-cost-or-net realizable value (LCNRV)
approach for valuation of inventories on an individual-item
basis?
| Item A | $
|
|
| Item B | $
|
|
| Item C | $
|
|
| Item D | $
|
Homework Answers
| FIFO Cost | NRV( selling Price- Estimated Cost) | LCNRV ( Lower of Cost or NRV | |
| Item A | $487.00 | $395.00 | $92.00 |
| item B | $474.00 | $383.00 | $91.00 |
| Item C | $830.00 | $667.00 | $163.00 |
| Item D | $951.00 | $830.00 | $121.00 |
Add Answer to:
Problem 9-1 Wildhorse Company manufactures desks. Most of the company’s desks are standard models and are sold on the ba...
Concord Company manufactures desks. Most of the company’s desks are standard models and are sold on...
Concord Company manufactures desks. Most of the company’s desks are standard models and are sold on the basis of catalog prices. At December 31, 2017, the following finished desks (10 desks in each category) appear in the company’s inventory. Finished Desks A B C D 2017 catalog selling price $434 $473 $919 $1,048 FIFO cost per inventory list 12/31/17 475 451 830 954 Estimated cost to complete and sell 60 125 274 203 2018 catalog selling price 520 562 919...
Grouper Wood Corporation manufactures desks. Most of the company’s desks are standard models that are sold...
Grouper Wood Corporation manufactures desks. Most of the company’s desks are standard models that are sold at catalogue prices. At December 31, 2020, the following finished desks appear in the company’s inventory: Finished Desks Type A Type B Type C Type D 2020 catalogue selling price $460 $490 $890 $1,040 FIFO cost per inventory list, Dec. 31, 2020 440 440 860 860 Estimated current cost to manufacture (at Dec. 31, 2020, and early 2021) 460 440 790 1,000 Sales commissions...
Finished Desks A B C D 2020 catalog selling price $56 $60 $113 $131 FIFO cost...
Finished Desks A B C D 2020 catalog selling price $56 $60 $113 $131 FIFO cost per inventory list 12/31/20 59 56 104 120 Estimated cost to complete and sell 6 14 33 25 2021 catalog selling price 63 68 113 150 The 2020 catalog was in effect through November 2020, and the 2021 catalog is effective as of December 1; catalog prices are net of the usual discounts. At what amount should each of the four desks appear in...
5. Nugent Company manufactures custom phon company manufactures custom phone covers Most of the company's phone...
5. Nugent Company manufactures custom phon company manufactures custom phone covers Most of the company's phone covers are sold on the basis of catalog prices. At December 31, 2018, the following phone covers appear in the company's inventory. Phone Cover Models Pretentious 2018 catalog selling price Decadent Pockums Bunny LIFO cost per inventory list $800 $780 $460 $250 Estimated current cost to manufacture 750 750 500 250 Sales commissions and estimated other 710 680 260 costs of disposal 2018 catalog...
5. Nugent Company manufactures custom phone covers. Most of the company's phone covers are sold on the basis of cat...
5. Nugent Company manufactures custom phone covers. Most of the company's phone covers are sold on the basis of catalog prices. At December 31, 2018, the following phone covers appear in the company's inventory Phone Cover Models 2018 catalog selling price LIFO cost per inventory list Estimated current cost to manufacture Sales commissions and estimated other costs of disposal 2018 catalog selling price Pretentious $800 750 710 Decadent $780 750 680 Pookums $460 500 400 Bunny $250 250 260 50...
That is how information was given om phone covers. Most of the company's phone covers 5....
That is how information was given
om phone covers. Most of the company's phone covers 5. Nugent Company manufactures custom phone covers. Most of the company sold on the basis of catalog prices. At December 31, 2018, the following phone covers appear in the company's inventory. Bunny Phone Cover Models Pookums Decadent Pretentious $250 2018 catalog selling price $800 $780 $460 250 LIFO cost per inventory list 750 750 500 260 Estimated current cost to manufacture 710 680 400 Sales...
Exercise 9-2 Ayayai Company uses the LCNRV method, on an individual-item basis, in pricing its inventory items. The inve...
Exercise 9-2 Ayayai Company uses the LCNRV
method, on an individual-item basis, in pricing its inventory
items. The inventory at December 31, 2017, consists of products D,
E, F, G, H, and I. Relevant per unit data for these products appear
below. Item D Item E Item F Item G Item H Item I Estimated selling
price $128 $118 $102 $96 $118 $96 Cost 80 86 86 86 54 39 Cost to
complete 32 32 27 37 32 32 Selling...
Exercise 9-2 Flounder Company uses the LCNRV method, on an individual-item basis, in pricing its inventory...
Exercise 9-2 Flounder Company uses the LCNRV method, on an individual-item basis, in pricing its inventory items. The inventory at December 31, 2017, consists of products D, E, F, G, H, and I. Relevant per unit data for these products appear below. Item D Item E Item F Item G Item H Item I Estimated selling price $140 $129 $111 $105 $129 $105 Cost 88 94 94 94 59 42 Cost to complete 35 35 29 41 35 35 Selling...
Exercise 9-2 Flounder Company uses the LCNRV method, on an individual-item basis, in pricing its inventory...
Exercise 9-2 Flounder Company uses the LCNRV method, on an individual-item basis, in pricing its inventory items. The inventory at December 31, 2017, consists of products D, E, F, G, H, and I. Relevant per unit data for these products appear below. Item D Item E Item F Item G Item H Item I Estimated selling price $140 $129 $111 $105 $129 $105 Cost 88 94 94 94 59 42 Cost to complete 35 35 29 41 35 35 Selling...
Exercise 9-2 Ivanhoe Company uses the LCNRV method, on an individual-item basis, in pricing its inventory items. The inv...
Exercise 9-2
Ivanhoe Company uses the LCNRV method, on an individual-item
basis, in pricing its inventory items. The inventory at December
31, 2017, consists of products D, E, F, G, H, and I. Relevant per
unit data for these products appear below.
Item D
Item E
Item F
Item G
Item H
Item I
Estimated selling price
$144
$132
$114
$108
$132
$108
Cost
90
96
96
96
60
43
Cost to complete
36
36
30
42
36
36
Selling...
5. Nugent Company manufactures custom phon company manufactures custom phone covers Most of the company's phone covers are sold on the basis of catalog prices. At December 31, 2018, the following phone covers appear in the company's inventory. Phone Cover Models Pretentious 2018 catalog selling price Decadent Pockums Bunny LIFO cost per inventory list $800 $780 $460 $250 Estimated current cost to manufacture 750 750 500 250 Sales commissions and estimated other 710 680 260 costs of disposal 2018 catalog...
5. Nugent Company manufactures custom phone covers. Most of the company's phone covers are sold on the basis of catalog prices. At December 31, 2018, the following phone covers appear in the company's inventory Phone Cover Models 2018 catalog selling price LIFO cost per inventory list Estimated current cost to manufacture Sales commissions and estimated other costs of disposal 2018 catalog selling price Pretentious $800 750 710 Decadent $780 750 680 Pookums $460 500 400 Bunny $250 250 260 50...
That is how information was given
om phone covers. Most of the company's phone covers 5. Nugent Company manufactures custom phone covers. Most of the company sold on the basis of catalog prices. At December 31, 2018, the following phone covers appear in the company's inventory. Bunny Phone Cover Models Pookums Decadent Pretentious $250 2018 catalog selling price $800 $780 $460 250 LIFO cost per inventory list 750 750 500 260 Estimated current cost to manufacture 710 680 400 Sales...
Exercise 9-2 Ayayai Company uses the LCNRV
method, on an individual-item basis, in pricing its inventory
items. The inventory at December 31, 2017, consists of products D,
E, F, G, H, and I. Relevant per unit data for these products appear
below. Item D Item E Item F Item G Item H Item I Estimated selling
price $128 $118 $102 $96 $118 $96 Cost 80 86 86 86 54 39 Cost to
complete 32 32 27 37 32 32 Selling...
Exercise 9-2
Ivanhoe Company uses the LCNRV method, on an individual-item
basis, in pricing its inventory items. The inventory at December
31, 2017, consists of products D, E, F, G, H, and I. Relevant per
unit data for these products appear below.
Item D
Item E
Item F
Item G
Item H
Item I
Estimated selling price
$144
$132
$114
$108
$132
$108
Cost
90
96
96
96
60
43
Cost to complete
36
36
30
42
36
36
Selling...
Most questions answered within 3 hours.
-
You follow the lab procedure and at the end of Part 4C, you used
an average...
asked 14 minutes ago -
Write 250-450 words, about the following: • Analyze how a
servant leader in your organization or...
asked 17 minutes ago -
3. American and Japanese workers can each produce 4 cars a
year. An American worker can...
asked 20 minutes ago -
On October 1, 20X1, a company purchased a piece of land by
agreeing to pay the...
asked 32 minutes ago -
Jamie is doing a survey at her school about whether the students
feel the cafeteria food...
asked 37 minutes ago -
What are the roles of 3' and 5' untranslated regions in
mRNAs?
asked 39 minutes ago -
A domestic television receives antenna delivers a sky noise
power of -105 dBm to a matched...
asked 37 minutes ago -
What do you think are the chemical reactions involved in the
breathalyzer tests administered to potentially...
asked 53 minutes ago -
A random sample of 120 observations produces a mean of
38.2 from a population with a...
asked 1 hour ago -
The average area of land burned by forest fires every year in
Canada is 2.5 million...
asked 1 hour ago -
36. The basic difference between government bureaus and market
firms is that bureaus:
a. can...
asked 1 hour ago -
java
- A recursive method findR() to search for a number in list
(ArrayList)
- A...
asked 1 hour ago