Note:-Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.Answer completely.You will get up vote for sure. Marigold Company follows the practice of pricing its inventory at LCNRV, on an individual-item basis.Item No.13201333142614371510152215731626Quantity1,6001,3001,2001,4001,1009003,4001,400Costper Unit$3.332.814.683.742.343.121.874.89EstimatedSellingPrice$4.683.54~Taushant and bdadin.5.203.333.384.062.606.24The amount of Marigold Company's inventory $Cost toCompleteand Sell$1.661.041.461.401.460.831.25From the information above, determine the amount of Marigold Company inventory.1.56

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Description: Note:-Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.Answer completely.You will get up vote for sure. Marigold Company follows the practice of pricing its inventory at LCNRV, on an individua

LCNRV stands for Lower of Cost or Net Realizable Value. It is a method of inventory valuation. It is…

Business

Accounting

Marigold Company follows the practice of pricing its inventory at LCNRV, on an individual-item basis. Cost to Complete and Sell $1.66 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 $3.33 2.81 4.68 3.74 2.34 3.12 1.87 4.89 Estimated Selling Price: $4.68 3.54 5.20 3.33 3.38 4.06 2.60 6.24 1.04 The amount of Marigold Company's inventory 1.46 1.40 1.46 0.83 1.25 1.56 From the information above, determine the amount of Marigold Company inventory.

Marigold Company follows the practice of pricing its inventory at LCNRV, on an individual-item basis. Cost to Complete and Sell $1.66 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 $3.33 2.81 4.68 3.74 2.34 3.12 1.87 4.89 Estimated Selling Price: $4.68 3.54 5.20 3.33 3.38 4.06 2.60 6.24 1.04 The amount of Marigold Company's inventory 1.46 1.40 1.46 0.83 1.25 1.56 From the information above, determine the amount of Marigold Company inventory.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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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.

Topic Video

Question

Note:-

Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.
Answer completely.
You will get up vote for sure.

Marigold Company follows the practice of pricing its inventory at LCNRV, on an individual-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
$3.33
2.81
4.68
3.74
2.34
3.12
1.87
4.89
Estimated
Selling
Price
$4.68
3.54
~Taushant and bdadin.
5.20
3.33
3.38
4.06
2.60
6.24
The amount of Marigold Company's inventory $
Cost to
Complete
and Sell
$1.66
1.04
1.46
1.40
1.46
0.83
1.25
From the information above, determine the amount of Marigold Company inventory.
1.56

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