Homework Answers
ANSWER
Answer- The amount of Metlock Company;s inventory =$28428.
Explanation-
| Calculation of closing inventory for each item | ||||||||
| By using Lower of cost or Net Realizable Value Method | Closing Inventory | |||||||
| Item No. | Quantity (a) | Cost per unit | Estimated Selling Price (b) | Cost to Complete and Sell (c) | Net Realizable value (d= b-c) | Valued on Lower of Cost or NRV | $ Per unit (e) | Amount $ (f=a*e) |
| $ | $ | $ | $ | |||||
| 1320 | 1400 | 3.52 | 4.95 | 1.76 | 3.19 | Net Realizable value | 3.19 | 4466 |
| 1333 | 1100 | 2.97 | 3.74 | 1.1 | 2.64 | Net Realizable value | 2.64 | 2904 |
| 1426 | 1000 | 4.95 | 5.50 | 1.54 | 3.96 | Net Realizable value | 3.96 | 3960 |
| 1437 | 1200 | 3.96 | 3.52 | 1.49 | 2.03 | Net Realizable value | 2.03 | 2436 |
| 1510 | 900 | 2.48 | 3.58 | 1.54 | 2.04 | Net Realizable value | 2.04 | 1836 |
| 1522 | 700 | 3.30 | 4.29 | 0.88 | 3.41 | Cost | 3.30 | 2310 |
| 1573 | 3200 | 1.98 | 2.75 | 1.32 | 1.43 | Net Realizable value | 1.43 | 4576 |
| 1626 | 1200 | 5.17 | 6.6 | 1.65 | 4.95 | Net Realizable value | 4.95 | 5940 |
| Totals | 28428 | |||||||
------
Journal entry
| No | Account title and explanation | Debit | Credit |
| a | Cost of goods sold (282019300-261131400) | 20,887,900 | |
| Inventory | 20,887,900 | ||
| b | Loss due to decline to NRV | 20,887,900 | |
| Inventory | 20,887,900 |
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