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 2.71 4.37 3.66 2.36 3.19 1.89 6.14 Estimated Selling Price $5.31 4.13 5.90 3.78 3.84 4.48 2.95 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

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 2.71 4.37 3.66 2.36 3.19 1.89 6.14 Estimated Selling Price $5.31 4.13 5.90 3.78 3.84 4.48 2.95 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

Name: please assist with working Wildhorse Company follows the practice of p
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: please assist with working Wildhorse Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis.Item No.13201333142614371510152215731626Quantity1,3001,0009001,1008006003,1001,100Cost perUnit$3.78

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 2E: Inventory Write-Down Stiles Corporation uses the FIFO cost flow assumption and is in the process of...

See similar textbooks

Similar questions

Inventory Write-Down The following information is taken from Aden Companys records: Required: 1. What is the correct inventory value if the company applies the LCNRV rule to each of the following? a. individual items b. groups of items c. the inventory as a whole 2. Next Level Are there any conditions under which a company may ignore the decline in the value of inventory below its cost?
Retail Inventory Method The following information relates to the retail inventory method used by Jeffress Company: Required: 1. Compute the ending inventory by the retail inventory method using the following cost flow' assumptions (round the cost-to-retail ratio to 3 decimal places): a. FIFO b. average cost c. LIFO d. lower of cost or market (based on average cost) 2. Next Level What assumptions are necessary for the retail inventory method to produce accurate estimates of ending inventory?
Black Corporation uses the LIFO cost flow assumption. Each unit of its inventory has a net realizable value of 300, a normal profit margin of 35, and a current replacement cost of 250. Determine the amount per unit that should be used as the market value to apply the lower of cost or market rule to determine Blacks ending inventory.
Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for A76 Company, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for last-in, first-out (LIFO).
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
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
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
Coronado Company follows the practice of pricing its inventory at LCNRV, on an individuál-item basis. Item No. 1320 1333 1426 1437 1510 1522 1573 1626 Quantity 1,600 1,300 1,200 1,400 1,100 900 3,400 1,400 Cost per Unit $3.58 3.02 5.04 4.03 2.52 3.36 2.02 5.26 Estimated Selling Price $5.04 3.81 5.60 3.58 3.64 4.37. 2.80 6.72 Cost to Complete and Sell $1.79 1.12 1.57 The amount of Coronado Company's inventory $ 1.51 1.57 0.90 1.34 1.68 From the information above, determine the amount of Coronado Company inventory.
Question: Sedato Company follows the practice of pricing its inventory at LCNRV, on an individual-item basis. Item no. Quantity Cost per unit Estimated selling price Cost to complete n sell 1320 1200 $3.20 4.50 1.60 1333 900 2.70 3.40 1.00 1426 800 4.50 5.00 1.40 1437 1000 3.60 3.20 1.35 1510 700 2.25 3.25 1.40 1522 500 3.00 3.90 0.80 1573 3000 1.80 2.50 1.20 1626 1000 4.70 6.00 1.50 From the information above, determine the amount of Sedato Company inventory.
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. 1320 1333 1426 1437 1510 1522 1573 1626 Quantity 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 3.72 2.40 3.24 1.92 6.24 Estimated Selling Price $5.40 4.20 6.00 3.84 3.90 4.56 3.00 7.20 From the information above, determine the amount of Oriole Company inventory. 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