(11). Gamal Company follows the practice of pricing its inventory at LCNRV, on an individual-item basis. Estimated Cost to Complete Part No.Quantity| |Cost per Unit Selling Price and Sell 1320 1,200 $3.20 $4.50 $1.60 1333 900 2.70 3.40 1.00 1426 800 4.50 5.00 1.40 1437 1,000 3.60 3.20 1.35 1510 700 2.25 3.25 1.40 1522 500 3.00 3.90 0.80 1573 3,000 1.80 2.50 1.20 1626 1,000 4.70 6.00 1.50 Instructions From the information above, determine the amount of Gamal Company inventory.
(11). Gamal Company follows the practice of pricing its inventory at LCNRV, on an individual-item basis. Estimated Cost to Complete Part No.Quantity| |Cost per Unit Selling Price and Sell 1320 1,200 $3.20 $4.50 $1.60 1333 900 2.70 3.40 1.00 1426 800 4.50 5.00 1.40 1437 1,000 3.60 3.20 1.35 1510 700 2.25 3.25 1.40 1522 500 3.00 3.90 0.80 1573 3,000 1.80 2.50 1.20 1626 1,000 4.70 6.00 1.50 Instructions From the information above, determine the amount of Gamal Company inventory.
Financial & Managerial Accounting
13th Edition
ISBN:9781285866307
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter6: Inventories
Section: Chapter Questions
Problem 7DQ: Using the following data, how should the inventory be valued under lower of cost or market? Original...
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Question
![(11. Gamal Company follows the practice of pricing its inventory
at LCNRV, on an individual-item basis.
Estimated
Cost to Complete
Part No. Quantity| Cost per Unit
Selling Price
and Sell
1320
1,200
$3.20
$4.50
$1.60
1333
900
2.70
3.40
1.00
1426
800
4.50
5.00
1.40
1437
1,000
3.60
3.20
1.35
1510
700
2.25
3.25
1.40
1522
500
3.00
3.90
0.80
1573
3,000
1.80
2.50
1.20
1626
1,000
4.70
6.00
1.50
Instructions
From the information above, determine the amount of Gamal
Company inventory.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc0593031-68e0-49e1-bdaa-f7eba98dd2c7%2Fbbd20a33-6338-47f5-891b-86307f27dca4%2F2106nxqj_processed.jpeg&w=3840&q=75)
Transcribed Image Text:(11. Gamal Company follows the practice of pricing its inventory
at LCNRV, on an individual-item basis.
Estimated
Cost to Complete
Part No. Quantity| Cost per Unit
Selling Price
and Sell
1320
1,200
$3.20
$4.50
$1.60
1333
900
2.70
3.40
1.00
1426
800
4.50
5.00
1.40
1437
1,000
3.60
3.20
1.35
1510
700
2.25
3.25
1.40
1522
500
3.00
3.90
0.80
1573
3,000
1.80
2.50
1.20
1626
1,000
4.70
6.00
1.50
Instructions
From the information above, determine the amount of Gamal
Company inventory.
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