Oriole Company follows the practice of pricing its inventory at LCNRV, on an individual-item basis. Item No. Quantity 1320 1333 1426 1437 1510 1522 1573 1626 1,600 1,300 1,200 1,400 1,100 900 3,400 1,400 Cost per Unit $3.84 3.24 5.40 4.32 2.70 3,60 2.16 5.64 Estimated Selling Price $5.40 4.08 6.00 3.84 3.90 4.68 3.00 7.20 The amount of Oriole Company's inventory Cost to Complete and Sell $1.92 1.20 1.68 1.62 1.68 0.96 1.44 1.80 From the information above, determine the amount of Oriole Company inventory.

Oriole Company follows the practice of pricing its inventory at LCNRV, on an individual-item basis. Item No. Quantity 1320 1333 1426 1437 1510 1522 1573 1626 1,600 1,300 1,200 1,400 1,100 900 3,400 1,400 Cost per Unit $3.84 3.24 5.40 4.32 2.70 3,60 2.16 5.64 Estimated Selling Price $5.40 4.08 6.00 3.84 3.90 4.68 3.00 7.20 The amount of Oriole Company's inventory Cost to Complete and Sell $1.92 1.20 1.68 1.62 1.68 0.96 1.44 1.80 From the information above, determine the amount of Oriole Company inventory.

Name: H Oriole Company follows the practice of pricing its inventory at LCNR
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Description: H Oriole Company follows the practice of pricing its inventory at LCNRV, on an individual-item basis.Item No. Quantity132013331426143715101522157316261,6001,3001,2001,4001,1009003,4001,400Costper Unit$3.843.245.404.322.703.602.165.64EstimatedSelling

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.

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Question

Oriole Company follows the practice of pricing its inventory at LCNRV, on an individual-item basis.
Item No. Quantity
1320
1333
1426
1437
1510
1522
1573
1626
1,600
1,300
1,200
1,400
1,100
900
3,400
1,400
Cost
per Unit
$3.84
3.24
5.40
4.32
2.70
3.60
2.16
5.64
Estimated
Selling Price
$5.40
4.08
6.00
3.84
3.90
4.68
3.00
The amount of Oriole Company's inventory
7.20
Cost to Complete
and Sell
$1.92
1.20
1.68
1.62
1.68
0.96
1.44
1.80
From the information above, determine the amount of Oriole Company inventory.

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