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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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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