Wildhorse Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis....
Wildhorse 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 | 1,500 | $3.36 | $3.15 | $4.73 | $0.37 | $1.31 | ||||||||||||
| 1333 | 1,200 | 2.84 | 2.42 | 3.68 | 0.53 | 0.53 | ||||||||||||
| 1426 | 1,100 | 4.73 | 3.89 | 5.25 | 0.42 | 1.05 | ||||||||||||
| 1437 | 1,300 | 3.78 | 3.26 | 3.36 | 0.26 | 0.95 | ||||||||||||
| 1510 | 1,000 | 2.36 | 2.10 | 3.41 | 0.84 | 0.63 | ||||||||||||
| 1522 | 800 | 3.15 | 2.84 | 3.99 | 0.42 | 0.53 | ||||||||||||
| 1573 | 3,300 | 1.89 | 1.68 | 2.63 | 0.79 | 0.53 | ||||||||||||
| 1626 | 1,300 | 4.94 | 5.46 | 6.30 | 0.53 | 1.05 | ||||||||||||
From the information above, determine the amount of Wildhorse
Company inventory.
| The amount of Wildhorse Company’s inventory |
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 | 1,500 | $3.36 | $3.15 | $4.73 | $0.37 | $1.31 | $4.36 | $3.05 | $3.15 | $3.15 | $4,725 |
| 1333 | 1,200 | 2.84 | 2.42 | 3.68 | 0.53 | 0.53 | $3.15 | $2.62 | $2.62 | $2.62 | $3,144 |
| 1426 | 1100 | 4.73 | 3.89 | 5.25 | 0.42 | 1.05 | $4.83 | $3.78 | $3.89 | $3.89 | $4,279 |
| 1437 | 1,300 | 3.78 | 3.26 | 3.36 | 0.26 | 0.95 | $3.10 | $2.15 | $3.10 | $3.10 | $4,030 |
| 1510 | 1000 | 2.36 | 2.10 | 3.41 | 0.84 | 0.63 | $2.57 | $1.94 | $2.10 | $2.10 | $2,100 |
| 1522 | 800 | 3.15 | 2.84 | 3.99 | 0.42 | 0.53 | $3.57 | $3.04 | $3.04 | $3.04 | $2,432 |
| 1573 | 3,300 | 1.89 | 1.68 | 2.63 | 0.79 | 0.53 | $1.84 | $1.31 | $1.68 | $1.68 | $5,544 |
| 1626 | 1,300 | 4.94 | 5.46 | 6.30 | 0.53 | 1.05 | $5.77 | $4.72 | $5.46 | $4.94 | $6,422 |
| Total | $32,676 | ||||||||||
| The amount of Wildhorse Company’s inventory = $32676 | |||||||||||
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Wildhorse Company follows the practice of pricing its inventory
at the lower-of-cost-or-market, on an individual-item
basis....
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Concord 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 $3.36 $3.15 $4.73 $0.37 $1.31 1333 1.200 2.84 2.42 3.68 0.53 0.53 1426 1,100 4.73 3.89 5.25 0.42 1.05 1437 1,300 3.26 3.36 0.26 0.95 3.78 2.36 1,000 2.10 3.41 0.84 0.63 1510 1522 1573 800 3.15 2.84 3.99 0.42 0.53 3,300 1.89...
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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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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....
Sheffield Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis....
Sheffield Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis. Item No. Cost per Unit Cost to Replace Estimated Selling Price Cost of Completion and Disposal Normal Profit Quantity 1,300 1320 $3.74 $3.51 $5.27 $0.41 $1.46 1333 1,000 3.16 2.69 4.10 0.59 0.59 1426 900 5.27 4.33 5.85 0.47 1.17 1437 1,100 4.21 3.63 3.74 0.29 1.05 1510 800 2.63 2.34 3.80 0.94 0.70 1522 600 3.51 3.16 4.45 0.47 0.59 1573 3,100 2.11...
Concord 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 $3.36 $3.15 $4.73 $0.37 $1.31 1333 1.200 2.84 2.42 3.68 0.53 0.53 1426 1,100 4.73 3.89 5.25 0.42 1.05 1437 1,300 3.26 3.36 0.26 0.95 3.78 2.36 1,000 2.10 3.41 0.84 0.63 1510 1522 1573 800 3.15 2.84 3.99 0.42 0.53 3,300 1.89...
Skysong Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis. Cost per Unit Cost to Replace Estimated Selling Price Cost of Completion and Disposal Normal Profit Item No. Quantity 1320 1,500 $3.39 $3.18 $4.77 $0.37 $1.33 1333 2.86 2.44 3.71 0.53 0.53 1,200 1,100 1426 4.77 3.92 5.30 0.42 1.06 1437 1,300 3.82 3.29 3.39 0.27 0.95 1510 2.39 2.12 3.45 0.85 0.64 1,000 800 1522 3.18 2.86 4.03 0.42 0.53 1573 3,300 1.91...
Vaughn 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 2,000 $3.68 $3.45 $5.18 $0.40 $1.44 1333 1,700 3.11 2.65 4.03 0.58 0.58 1426 1,600 5.18 4.26 5.75 0.46 1.15 1437 1,800 4.14 3.68 0.29 1.04 3.57 2.30 1510 1,500 2.59 3.74 0.92 0.69 1522 1,300 3.11 4.37 0.46 0.58 1573 3,800 3.45 2.07...
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...
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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