Kingbird Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis.Item No.13201333142614371510152215731626Quantity1,5001,2001,1001,3001,0008003,3001,300Cost per Unit$3.873.275.454.362.723.632.185.69Cost to Replace$3.63The amount of Kingbird Company's inventory2.784.483.752.423.271.946.29Estimated SellingPriceFrom the information above, determine the amount of Kingbird Company inventory.$5.454.246.053.873.934.603.037.26Cost of Completion andDisposal$0.420.610.480.300.970.480.910.61Normal Profit$1.510.611.211.090.730.610.611.21

The term inventory costs refers to the costs which is associated with the business that are holding…

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 2.78 4.48 3.75 2.42 3.27 1.94 6.29 Price $5.45 4.24 6.05 3.87 3.93 4.60 3.03 7.26 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

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 2.78 4.48 3.75 2.42 3.27 1.94 6.29 Price $5.45 4.24 6.05 3.87 3.93 4.60 3.03 7.26 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

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter8: Inventories: Special Valuation Issues

Section: Chapter Questions

Problem 2RE: Black Corporation uses the LIFO cost flow assumption. Each unit of its inventory has a net...

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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. 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
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
Wildhorse 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 1,300 1,000 900 1,100 800 600 3,100 1,100 Cost per Unit $3.78 3.19 5.31 4.25 2.66 3.54 2.12 5.55 Cost to Replace $3.54 The amount of Wildhorse Company's inventory 2.71 4.37 3.66 2.36 3.19 1.89 6.14 Estimated Selling Price LA $5.31 4.13 5.90 3.78 3.84 4.48 2.95 From the information above, determine the amount of Wildhorse Company inventory. 7.08 Cost of Completion and Disposal $0.41 0.59 0.47 0.30 0.94 0.47 0.89 0.59 Normal Profit $1.48 0.59 1.18 1.06 0.71 0.59 0.59 1.18
Oriole Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis. Item No. Quantity 1320 1333 1426 1437 1510 1522 1573 1626 1,400 1,100 1,000 1,200 900 700 3,200 1,200 Cost per Unit $3.84 3.24 5.40 4.32 2.70 3.60 2.16 5.64 Cost to Replace $3.60 2.76 The amount of Oriole Company's inventory $ 4.44 +A 3.72 2.40 3.24 1.92 6.24 Estimated Selling Price $5.40 4.20 6.00 3.84 34752 3.90 4.56 From the information above, determine the amount of Oriole Company inventory. 3.00 7.20 Cost of Completion and Disposal $0.42 0.60 0.48 0.30 0.96 0.48 0.90 0.60 Normal Profit $1.50 0.60 1.20 1.08 0.72 0.60 0.60 1.20
Wangerin 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 01320 1,2000 $3.20000 $3.00000 $4.50000000 $0.3500000000 $1.25000 01333 9000 2.70000 2.30000 3.50000000 0.5000000000 0.50000 01426 8000 4.50000 3.70000 5.00000000 0.4000000000 1.00000 01437 1,0000 3.60000 3.10000 3.20000000 0.2500000000 0.90000 01510 7000 2.25000 2.00000 3.25000000 0.8000000000 0.60000 01522 5000 3.00000 2.70000 3.80000000 0.4000000000 0.50000 01573 3,0000 1.80000 1.60000 2.50000000 0.7500000000 0.50000 01626 1,0000 4.70000 5.20000 6.00000000 0.5000000000 1.00000 Instructions From the information above, determine the amount of Wangerin Company inventory.
Sheffield 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 $3.74 $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 1.87 2.93 0.88 0.59 1626 1,100 5.50 6.08 7.02 0.59 1.17 From the information above, determine the amount of Sheffield Company inventory. The amount of Sheffield Company’s inventory
Bramble 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 1,900 $3.65 $3.42 $5.13 $0.40 $1.43 1333 1,600 3.08 2.62 3.99 0.57 0.57 1426 1,500 5.13 4.22 5.70 0.46 1.14 1437 1,700 4.10 3.53 3.65 0.29 1.03 1510 1,400 2.57 2.28 3.71 0.91 0.68 1522 1,200 3.42 3.08 4.33 0.46 0.57 1573 3,700 2.05 1.82 2.85 0.86 0.57 1626 1,700 5.36 5.93 6.84 0.57 1.14 From the information above, determine the amount of Bramble Company inventory.
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 1,300 $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 1.62 2.53 0.76 0.51 1626 1,100 4.75 5.25 6.06 0.51 1.01 From the information above, determine the amount of Crane Company inventory.
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 1,800 $3.58 $3.36 $5.04 $0.39 $1.40 1333 1,500 3.02 2.58 3.92 0.56 0.56 1426 1,400 5.04 4.14 5.60 0.45 1.12 1437 1,600 4.03 3.47 3.58 0.28 1.01 1510 1,300 2.52 2.24 3.64 0.90 0.67 1522 1,100 3.36 3.02 4.26 0.45 0.56 1573 3,600 2.02 1.79 2.80 0.84 0.56 1626 1,600 5.26 5.82 6.72 0.56 1.12 From the information above, determine the amount of Coronado Company inventory. The amount of Coronado Company’s inventory $enter the dollar amount of Coronado Company's inventory
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
Splish 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 $3.97 $3.72 $5.58 $0.43 $1.55 1333 1,300 3.35 2.85 4.34 0.62 0.62 1426 1,200 5.58 4.59 6.20 0.50 1.24 1437 1,400 4.46 3.84 3.97 0.31 1.12 1510 1,100 2.79 2.48 4.03 0.99 0.74 1522 900 3.72 3.35 4.71 0.50 0.62 1573 3,400 2.23 1.98 3.10 0.93 0.62 1626 1,400 5.83 6.45 7.44 0.62 1.24 From the information above, determine the amount of Splish Company inventory. The amount of Splish Company’s inventory
Oriole 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 $3.84 $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 From the information above, determine the amount of Oriole Company inventory. The amount of Oriole Company’s inventory