E8.3 (LO 1) (LCNRV) Sedato Company follows the practice of pricing its inventory at LCNRV, on anindividual-item basis.$3.202.704.50EstimatedSelling Price$4.503.40Cost to Completeand Sell$1.601.00IITTTItem No.QuantityCost per Unit13201,2001333900142680014371,000151070015225002.253.0015733,0001.8016261,0004,703.605.001.403.201.353.251.403.900.802.501.206.001.50InstructionsFrom the information above, determine the amount of Sedato Company inventory.E8.4 (LO1) (LCNRV-Journal Entries) Dover Company began operations in 2025 and determined

Step 1: Understand the LCNRV RuleFor each inventory item, we must use the LOWER of:Cost per unit,…

Answered: E8.3 (LO 1) (LCNRV) Sedato Company…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

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Chapter10: Inventory

Section: Chapter Questions

Problem 12PB: Compare the calculations for gross margin for B76 Company, based on the results of the perpetual...

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Compare the calculations for gross margin for B76 Company, based on the results of the perpetual inventory calculations using FIFO, LIFO, and AVG.
Inventory Write-Down Stiles Corporation uses the FIFO cost flow assumption and is in the process of applying the LCNRV rule for each of two products in its ending inventory. A profit margin of 30% on the selling price is considered normal for each product. Specific data for each product are as follows: Inventory Write-Down Use the information in E8-1. Assume that Stiles uses the LIFO cost flow assumption and is applying the LCM rule. Required: 1. What is the correct inventory value for each product? 2. Next Level With regard to requirement 1, what effect does the imposition of the constraints on market value have on the inventory valuations?
Calculate the cost of goods sold dollar value for A74 Company for the sale on March 11, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average (AVG).
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(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.
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.
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
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