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 | 3,400 | 1.94 | 1.73 | 2.70 | 0.81 | 0.54 | ||||||||||||
| 1626 | 1,400 | 5.08 | 5.62 | 6.48 | 0.54 | 1.08 | ||||||||||||
From the information above, determine the amount of Crane Company
inventory.
| The amount of Crane Company’s inventory | $
|
Homework Answers
ANSWER
| No. |
Cost to replace (a) |
Net Realizable Value (NRV) [ Estimated selling price - Cost of completion and disposal ] (b) |
NRV less Normal profit (c) |
Market value [ Middle of a, b & c ] (d) |
Cost per unit (e) |
Lower of Cost or market [ Lower of d & e ] (f) |
Quantity (g) |
Total inventory value [ f * g ] |
| 1320 | 3.24 | 4.48 | 3.13 | 3.24 | 3.46 | 3.24 | 1600 | 5184 |
| 1333 | 2.48 | 3.24 | 2.70 | 2.70 | 2.92 | 2.70 | 1300 | 3510 |
| 1426 | 4.00 | 4.97 | 3.89 | 4.00 | 4.86 | 4.00 | 1200 | 4800 |
| 1437 | 3.35 | 3.19 | 2.22 | 3.19 | 3.89 | 3.19 | 1400 | 4466 |
| 1510 | 2.16 | 2.65 | 2.00 | 2.16 | 2.43 | 2.16 | 1100 | 2376 |
| 1522 | 2.92 | 3.67 | 3.13 | 3.13 | 3.24 | 3.13 | 900 | 2817 |
| 1573 | 1.73 | 1.89 | 1.35 | 1.73 | 1.94 | 1.73 | 3400 | 5882 |
| 1626 | 5.62 | 5.94 | 4.86 | 5.62 | 5.08 | 5.08 | 1400 | 7112 |
| The amount of Crane Company's Inventory | 36147 |
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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...
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Windsor 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
3,400
1.94...
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$4.86
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