Sheridan 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 1320 1,600 $3.42 $3.21 $4.82 $0.37 1333 1.300 2.89 2.46 3.75 0.54
Sheridan 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 1320 1,600 $3.42 $3.21 $4.82 $0.37 1333 1.300 2.89 2.46 3.75 0.54
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
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Chapter8: Inventories: Special Valuation Issues
Section: Chapter Questions
Problem 13E: Retail Inventory Method The following information relates to the retail inventory method used by...
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![Sheridan 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
$3.42
$3.21
$4.82
$0.37
$1.34
1333
1,300
2.89
2.46
3.75
0.54
0.54
1426
1,200
4.82
3.96
5.35
0.43
1.07
1437
1,400
3.85
3.32
3.42
0.27
0.96
1510
1,100
2.41
2.14
3.48
0.86
0.64
1522
900
3.21
2.89
4.07
0.43
0.54
1573
3,400
1.93
1.71
2.68
0.80
0.54
1626
1,400
5.03
5.56
6.42
0.54
1.07
From the information above, determine the amount of Sheridan Company inventory.
The amount of Sheridan Company's inventory $](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F6e415e89-b15c-4691-b794-c1f1bc8f0e90%2F4e49d32d-1b2d-467b-81d8-8daa2c7e5267%2Flbfst0e_processed.png&w=3840&q=75)
Transcribed Image Text:Sheridan 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
$3.42
$3.21
$4.82
$0.37
$1.34
1333
1,300
2.89
2.46
3.75
0.54
0.54
1426
1,200
4.82
3.96
5.35
0.43
1.07
1437
1,400
3.85
3.32
3.42
0.27
0.96
1510
1,100
2.41
2.14
3.48
0.86
0.64
1522
900
3.21
2.89
4.07
0.43
0.54
1573
3,400
1.93
1.71
2.68
0.80
0.54
1626
1,400
5.03
5.56
6.42
0.54
1.07
From the information above, determine the amount of Sheridan Company inventory.
The amount of Sheridan Company's inventory $
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