Sunland 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 1,900 1,600 1,500 1,700 1,400 1,200 3,700 1,700 Cost per Unit $3.62 3.05 5.09 4.07 2.54 3.39 2.03 5.31 Cost to Replace $3.39 2.60 4.18 3.50 2.26 3.05 1.81 5.88 Estimated Selling Price $5.09 3.96 5.65 3.62 3.67 4.29 2.83 6.78 From the information above, determine the amount of Sunland Company inventory. Cost of Completion and Disposal $0.40 0.57 0.45 0.28 0.90 0.45 0.85 0.57 Normal Profit $1.41 0.57 1.13 1.02 0.68 0.57 0.57 1.13

Sunland 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 1,900 1,600 1,500 1,700 1,400 1,200 3,700 1,700 Cost per Unit $3.62 3.05 5.09 4.07 2.54 3.39 2.03 5.31 Cost to Replace $3.39 2.60 4.18 3.50 2.26 3.05 1.81 5.88 Estimated Selling Price $5.09 3.96 5.65 3.62 3.67 4.29 2.83 6.78 From the information above, determine the amount of Sunland Company inventory. Cost of Completion and Disposal $0.40 0.57 0.45 0.28 0.90 0.45 0.85 0.57 Normal Profit $1.41 0.57 1.13 1.02 0.68 0.57 0.57 1.13

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Description: 2 Sunland Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis.ItemNo.13201333142614371510152215731626Quantity1,9001,6001,5001,7001,4001,2003,7001,700Cost perUnit$3.623.055.094.072.543.392.

Financial & Managerial Accounting

14th Edition

ISBN:9781337119207

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter6: Inventories

Section: Chapter Questions

Problem 7DQ: Using the following data, how should the inventory be valued under lower of cost or market? Original...

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Skysong 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 1,500 1,200 1,100 1,300 1,000 800 3,300 1,300 Cost per Unit $3.39 2.86 4.77 3.82 2.39 3.18 1.91 4.98 Cost to Replace $3.18 2.44 3.92 3.29 2.12 2.86 1.70 5.51 Estimated Selling Cost of Completion and Price Disposal $0.37 The amount of Skysong Company's inventory $ $4.77 3.71 5.30 3.39 3.45 4.03 2.65 6.36 From the information above, determine the amount of Skysong Company inventory. 0.53 0.42 0.27 0.85 0.42 0.80 0.53 Normal Profit $1.33 0.53 1.06 0.95 0.64 0.53 0.53 1.06
Concord 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 1,500 1,200 1,100 1,300 1,000 800 3,300 1,300 Cost per Unit $3.36 2.84 4.73 3.78 2.36 3.15 1.89 4.94 Cost to Replace $3.15 2.42 3.89 3.26 2.10 2.84 1.68 5.46 60 Estimated Selling Price The amount of Concord Company's inventory $ $4.73 3.68 5.25 3.36 3.41 3.99 2.63 From the information above, determine the amount of Concord Company inventory. 6.30 Cost of Completion and Disposal $0.37 0.53 0.42 0.26 0.84 0.42 0.79 0.53 Normal Profit $1.31 0.53 1.05 0.95 0.63 0.53 0.53 1.05
Kingbird 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 1,500 1,200 1,100 1,300 1,000 800 3,300 1,300 Cost per Unit $3.87 3.27 5.45 4.36 2.72 3.63 2.18 5.69 Cost to Replace $3.63 The amount of Kingbird Company's inventory 2.78 4.48 3.75 2.42 3.27 1.94 6.29 Estimated Selling Price From the information above, determine the amount of Kingbird Company inventory. $5.45 4.24 6.05 3.87 3.93 4.60 3.03 7.26 Cost of Completion and Disposal $0.42 0.61 0.48 0.30 0.97 0.48 0.91 0.61 Normal Profit $1.51 0.61 1.21 1.09 0.73 0.61 0.61 1.21
Vaughn Company follows the practice of pricing its inventory at LCNRV, on an individual itemn basis. Item No. 1320 1333 1426 1437 1510 1522 1573 1626 Quantity 1,900 1,600 1,500 1,700 1,400 1,200 3,700 1,700 Cost per Unit $3.68 3.11 5.18 4.14 2.59 3.45 2.07 5.41 Estimated Selling Price $5.18 The amount of Vaughn Company's inventory 3.91 5.75 3.68 3.74 4.49 2.88 6.90 Cost to Complete and Sell $1.84 1.15 REPRO 1.61 1.55 161 505240 1.38 1.73 120 56 From the information above, determine the amount of Vaughn Company inventory. 42049