Oriole Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis.
Homework Answers
| Item No. | Quantity | Cost per Unit | Cost to Replace | Estimated Selling Price | Cost of Completion and Disposal | Normal Profit | NRV | NRV less normal profit | Market | Lower of cost or market | Inventory value |
| 1320 | 1400 | 3.84 | 3.60 | 5.40 | 0.42 | 1.50 | 4.98 | 3.48 | 3.60 | 3.60 | 5040.00 |
| 1333 | 1100 | 3.24 | 2.76 | 4.20 | 0.60 | 0.60 | 3.60 | 3.00 | 3.00 | 3.00 | 3300.00 |
| 1426 | 1000 | 5.40 | 4.44 | 6.00 | 0.48 | 1.20 | 5.52 | 4.32 | 4.44 | 4.44 | 4440.00 |
| 1437 | 1200 | 4.32 | 3.72 | 3.84 | 0.30 | 1.08 | 3.54 | 2.46 | 3.54 | 3.54 | 4248.00 |
| 1510 | 900 | 2.70 | 2.40 | 3.90 | 0.96 | 0.72 | 2.94 | 2.22 | 2.40 | 2.40 | 2160.00 |
| 1522 | 700 | 3.60 | 3.24 | 4.56 | 0.48 | 0.60 | 4.08 | 3.48 | 3.48 | 3.48 | 2436.00 |
| 1573 | 3200 | 2.16 | 1.92 | 3.00 | 0.90 | 0.60 | 2.10 | 1.50 | 1.92 | 1.92 | 6144.00 |
| 1626 | 1200 | 5.64 | 6.24 | 7.20 | 0.60 | 1.20 | 6.60 | 5.40 | 6.24 | 5.64 | 6768.00 |
| Total | 34536.00 | ||||||||||
| The amount of Oriole Company’s inventory = $34536 | |||||||||||
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Oriole Company follows the practice of pricing its inventory at
the lower-of-cost-or-market, on an individual-item basis....
Oriole Company follows the practice of pricing its inventory at LCNRV, on an individual-item basis. Cost per Unit Estim...
Oriole Company follows the practice of pricing its inventory at LCNRV, on an individual-item basis. Cost per Unit Estimated Selling Price Cost to Complete and Sell Item No. Quantity 1320 1,600 $3.84 $5.40 $1.92 1333 1,300 3.24 4.08 1.20 1426 1,200 5.40 6.00 1.68 1437 1,400 4.32 3.84 1.62 1,100 2.70 3.90 1.68 900 3.60 4.68 0.96 1510 1522 1573 1626 3,400 2.16 3.00 1.44 1,400 5.64 7.20 1.80 From the information above, determine the amount of Oriole Company inventory....
Item No. Quantity Cost per Unit Cost to Replace Estimated Selling Price Cost of Completion and...
Item No.
Quantity
Cost per Unit
Cost to Replace
Estimated Selling Price
Cost of Completion and Disposal
Normal Profit
1320
1,400
$3.84
$3.60
$5.40
$0.42
$1.50
1333
1,100
3.24
2.76
4.20
0.60
0.60
1426
1,000
5.40
4.44
6.00
0.48
1.20
1437
1,200
4.32
3.72
3.84
0.30
1.08
1510
900
2.70
2.40
3.90
0.96
0.72
1522
700
3.60
3.24
4.56
0.48
0.60
1573
3,200
2.16
1.92
3.00
0.90
0.60
1626
1,200
5.64
6.24
7.20
0.60
1.20
Company A follows the practice...
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...
Windsor Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis....
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...
Windsor Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis....
Windsor 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 $3.46 $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...
Windsor Company follows the practice of pricing its inventory at LCNRV, on an individual-item basis. Cost...
Windsor Company follows the practice of pricing its inventory at LCNRV, on an individual-item basis. Cost per Unit Estimated Selling Price Cost to Complete and Sell Item No. Quantity 1320 2,000 $3.46 $4.86 $1.73 1333 1,700 2.92 3.67 1.08 1426 1,600 4.86 5.40 1.51 1437 1,800 3.89 3.46 1.46 1510 1,500 2.43 3.51 1.51 1522 1,300 3.24 4.21 0.86 1573 3,800 1.94 2.70 1.30 1626 1,800 5.08 6.48 1.62 From the information above, determine the amount of Windsor Company inventory....
Windsor Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis....
Windsor Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis. Estimated Selling Cost of Completion and Disposal Cost to Replace Item No. Quantity Cost per Unit Price Normal Profit $3.46 $3.24 $4.86 $0.38 $1.35 1,600 1320 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 0.65 900 3,24 2.92 0.43 0.54 1522 4.10 1573 3,400 1.94...
Coronado Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis....
Coronado 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 1,300 $3.23 $3.03 $4.55 $0.35 $1.26 1333 1,000 2.73 2.32 3.54 0.51 0.51 1426 900 4.55 3.74 5.05 0.40 1.01 1437 1,100 3.64 3.13 3.23 0.25 0.91 1510 800 2.27 2.02 3.28 0.81 0.61 1522 600 3.03 2.73 3.84 0.40 0.51 1573 3,100 1.82...
Kingbird Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis....
Kingbird 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 1,500 $3.87 $3.63 $5.45 $0.42 $1.51 1333 1,200 3.27 2.78 4.24 0.61 0.61 1426 1,100 5.45 4.48 6.05 0.48 1.21 1437 1,300 4.36 3.75 3.87 0.30 1.09 1510 1,000 2.72 2.42 3.93 0.97 0.73 1522 800 3.63 3.27 4.60 0.48 0.61 1573 3,300 2.18...
Marigold Company follows the practice of pricing its inventory at LCNRV, on an individual-item basis. Cost...
Marigold Company follows the practice of pricing its inventory at LCNRV, on an individual-item basis. Cost per Unit Estimated Selling Price Cost to Complete and Sell Item No. Quantity 1320 1,600 $3.33 $4.68 $1.66 1333 1,300 2.81 3.54 1.04 1426 1,200 4.68 5.20 1.46 1437 1,400 3.74 3.33 1.40 1510 1,100 2.34 3.38 1.46 1522 900 3.12 4.06 0.83 1573 3,400 1.87 2.60 1.25 1626 1,400 4.89 6.24 1.56 From the information above, determine the amount of Marigold Company inventory....
Oriole Company follows the practice of pricing its inventory at LCNRV, on an individual-item basis. Cost per Unit Estimated Selling Price Cost to Complete and Sell Item No. Quantity 1320 1,600 $3.84 $5.40 $1.92 1333 1,300 3.24 4.08 1.20 1426 1,200 5.40 6.00 1.68 1437 1,400 4.32 3.84 1.62 1,100 2.70 3.90 1.68 900 3.60 4.68 0.96 1510 1522 1573 1626 3,400 2.16 3.00 1.44 1,400 5.64 7.20 1.80 From the information above, determine the amount of Oriole Company inventory....
Item No.
Quantity
Cost per Unit
Cost to Replace
Estimated Selling Price
Cost of Completion and Disposal
Normal Profit
1320
1,400
$3.84
$3.60
$5.40
$0.42
$1.50
1333
1,100
3.24
2.76
4.20
0.60
0.60
1426
1,000
5.40
4.44
6.00
0.48
1.20
1437
1,200
4.32
3.72
3.84
0.30
1.08
1510
900
2.70
2.40
3.90
0.96
0.72
1522
700
3.60
3.24
4.56
0.48
0.60
1573
3,200
2.16
1.92
3.00
0.90
0.60
1626
1,200
5.64
6.24
7.20
0.60
1.20
Company A follows the practice...
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...
Windsor 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 $3.46 $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...
Windsor Company follows the practice of pricing its inventory at LCNRV, on an individual-item basis. Cost per Unit Estimated Selling Price Cost to Complete and Sell Item No. Quantity 1320 2,000 $3.46 $4.86 $1.73 1333 1,700 2.92 3.67 1.08 1426 1,600 4.86 5.40 1.51 1437 1,800 3.89 3.46 1.46 1510 1,500 2.43 3.51 1.51 1522 1,300 3.24 4.21 0.86 1573 3,800 1.94 2.70 1.30 1626 1,800 5.08 6.48 1.62 From the information above, determine the amount of Windsor Company inventory....
Windsor Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis. Estimated Selling Cost of Completion and Disposal Cost to Replace Item No. Quantity Cost per Unit Price Normal Profit $3.46 $3.24 $4.86 $0.38 $1.35 1,600 1320 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 0.65 900 3,24 2.92 0.43 0.54 1522 4.10 1573 3,400 1.94...
Kingbird 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 1,500 $3.87 $3.63 $5.45 $0.42 $1.51 1333 1,200 3.27 2.78 4.24 0.61 0.61 1426 1,100 5.45 4.48 6.05 0.48 1.21 1437 1,300 4.36 3.75 3.87 0.30 1.09 1510 1,000 2.72 2.42 3.93 0.97 0.73 1522 800 3.63 3.27 4.60 0.48 0.61 1573 3,300 2.18...
Marigold Company follows the practice of pricing its inventory at LCNRV, on an individual-item basis. Cost per Unit Estimated Selling Price Cost to Complete and Sell Item No. Quantity 1320 1,600 $3.33 $4.68 $1.66 1333 1,300 2.81 3.54 1.04 1426 1,200 4.68 5.20 1.46 1437 1,400 3.74 3.33 1.40 1510 1,100 2.34 3.38 1.46 1522 900 3.12 4.06 0.83 1573 3,400 1.87 2.60 1.25 1626 1,400 4.89 6.24 1.56 From the information above, determine the amount of Marigold Company inventory....
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