Nash Company follows the practice of pricing its inventory at the lower- of-cost-or-market, on an individual item basis. Cost Estimated Item Qua No. ntity Cost to per selling Cost of Completion replace Unit price and disposal Normal profit 1320 1,400 $ 3.33 $ 3.12 $ 4.68 $ 0.36 $ 1.30 1333 1,100 $ 2.81 $2.39 $ 3.64 $ 0.52 $ 0.52 1426 1,000 $ 4.68 $ 3.85 $5.20 $ 0.42 $ 1.04 1437 1,200 $ 3.74 $ 3.22 $ 3.33 $ 0.26 $ 0.94 1510 900 $ 2.34 $2.08 $ 3.38 $ 0.83 0.62 1522 700 $3.12 $2.81 $3.95 $ 0.42 $ 0.52 1573 3,200 $ 1.87 $ 1.66 2.60 $ 0.78 $ 0.52 1626 1,200 $4.89 $ 5.41 $ 6.24 $ 0.52 $ 1.04 From the information above, determine the amount of Nash Company inventory.

Nash Company follows the practice of pricing its inventory at the lower- of-cost-or-market, on an individual item basis. Cost Estimated Item Qua No. ntity Cost to per selling Cost of Completion replace Unit price and disposal Normal profit 1320 1,400 $ 3.33 $ 3.12 $ 4.68 $ 0.36 $ 1.30 1333 1,100 $ 2.81 $2.39 $ 3.64 $ 0.52 $ 0.52 1426 1,000 $ 4.68 $ 3.85 $5.20 $ 0.42 $ 1.04 1437 1,200 $ 3.74 $ 3.22 $ 3.33 $ 0.26 $ 0.94 1510 900 $ 2.34 $2.08 $ 3.38 $ 0.83 0.62 1522 700 $3.12 $2.81 $3.95 $ 0.42 $ 0.52 1573 3,200 $ 1.87 $ 1.66 2.60 $ 0.78 $ 0.52 1626 1,200 $4.89 $ 5.41 $ 6.24 $ 0.52 $ 1.04 From the information above, determine the amount of Nash Company inventory.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter8: Inventories: Special Valuation Issues

Section: Chapter Questions

Problem 2RE: Black Corporation uses the LIFO cost flow assumption. Each unit of its inventory has a net...

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Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for B76 Company, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for last-in, first-out (LIFO).
Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for A76 Company, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for weighted average (AVG).
Sheffield 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 1,300 $3.74 $3.51 $5.27 $0.41 $1.46 1333 1,000 3.16 2.69 4.10 0.59 0.59 1426 900 5.27 4.33 5.85 0.47 1.17 1437 1,100 4.21 3.63 3.74 0.29 1.05 1510 800 2.63 2.34 3.80 0.94 0.70 1522 600 3.51 3.16 4.45 0.47 0.59 1573 3,100 2.11 1.87 2.93 0.88 0.59 1626 1,100 5.50 6.08 7.02 0.59 1.17 From the information above, determine the amount of Sheffield Company inventory. The amount of Sheffield Company’s inventory
Crane 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 1,300 $3.23 $3.03 $4.55 $0.35 $1.26 1333 1,000 2.73 2.32 3.54 0.51 0.51 1426 900 4.55 3.74 5.05 0.40 1.01 1437 1,100 3.64 3.13 3.23 0.25 0.91 1510 800 2.27 2.02 3.28 0.81 0.61 1522 600 3.03 2.73 3.84 0.40 0.51 1573 3,100 1.82 1.62 2.53 0.76 0.51 1626 1,100 4.75 5.25 6.06 0.51 1.01 From the information above, determine the amount of Crane Company inventory.
Coronado 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 1,800 $3.58 $3.36 $5.04 $0.39 $1.40 1333 1,500 3.02 2.58 3.92 0.56 0.56 1426 1,400 5.04 4.14 5.60 0.45 1.12 1437 1,600 4.03 3.47 3.58 0.28 1.01 1510 1,300 2.52 2.24 3.64 0.90 0.67 1522 1,100 3.36 3.02 4.26 0.45 0.56 1573 3,600 2.02 1.79 2.80 0.84 0.56 1626 1,600 5.26 5.82 6.72 0.56 1.12 From the information above, determine the amount of Coronado Company inventory. The amount of Coronado Company’s inventory $enter the dollar amount of Coronado Company's inventory
Wangerin 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 01320 1,2000 $3.20000 $3.00000 $4.50000000 $0.3500000000 $1.25000 01333 9000 2.70000 2.30000 3.50000000 0.5000000000 0.50000 01426 8000 4.50000 3.70000 5.00000000 0.4000000000 1.00000 01437 1,0000 3.60000 3.10000 3.20000000 0.2500000000 0.90000 01510 7000 2.25000 2.00000 3.25000000 0.8000000000 0.60000 01522 5000 3.00000 2.70000 3.80000000 0.4000000000 0.50000 01573 3,0000 1.80000 1.60000 2.50000000 0.7500000000 0.50000 01626 1,0000 4.70000 5.20000 6.00000000 0.5000000000 1.00000 Instructions From the information above, determine the amount of Wangerin Company inventory.
Splish 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 $3.97 $3.72 $5.58 $0.43 $1.55 1333 1,300 3.35 2.85 4.34 0.62 0.62 1426 1,200 5.58 4.59 6.20 0.50 1.24 1437 1,400 4.46 3.84 3.97 0.31 1.12 1510 1,100 2.79 2.48 4.03 0.99 0.74 1522 900 3.72 3.35 4.71 0.50 0.62 1573 3,400 2.23 1.98 3.10 0.93 0.62 1626 1,400 5.83 6.45 7.44 0.62 1.24 From the information above, determine the amount of Splish Company inventory. The amount of Splish Company’s inventory
Lower-of-Cost-or-Market InventoryOn the basis of the following data, determine the value of the inventory at the lower of cost or market. Assemble the data in the form illustrated in Exhibit 9. ProductInventoryQuantityUnitCost PriceUnitMarket Value per Unit(Net Realizable Value)Model A300$140$125Model B50090112Model C1506059Model D800120115Model E400140145 Inventory at the Lower of Cost or MarketProductTotal CostTotal MarketLower of Total Cost or Total MarketA$$$B C D E Total$$$
Bramble 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 1,900 $3.65 $3.42 $5.13 $0.40 $1.43 1333 1,600 3.08 2.62 3.99 0.57 0.57 1426 1,500 5.13 4.22 5.70 0.46 1.14 1437 1,700 4.10 3.53 3.65 0.29 1.03 1510 1,400 2.57 2.28 3.71 0.91 0.68 1522 1,200 3.42 3.08 4.33 0.46 0.57 1573 3,700 2.05 1.82 2.85 0.86 0.57 1626 1,700 5.36 5.93 6.84 0.57 1.14 From the information above, determine the amount of Bramble Company inventory.
Crane Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis. Cost per Cost to Estimated Selling Item No. Quantity Unit Replace Price Cost of Completion and Disposal Normal Profit 1320 1,300 $3.23 $3.03 $4.55 $0.35 $1.26 1333 1,000 2.73 2.32 3.54 0.51 0.51 1426 900 4.55 3.74 5.05 0.40 1.01 1437 1,100 3.64 3.13 3.23 0.25 0.91 1510 800 2.27 2.02 3.28 0.81 0.61 1522 600 3.03 2.73 3.84 0.40 0.51 1573 3,100 1.82 1.62 2.53 0.76 0.51 1626 1,100 4.75 5.25 6.06 0.51 1.01 From the information above, determine the amount of Crane Company inventory. The amount of Crane Company's inventory $
Lower-of-Cost-or-Market Method On the basis of the data shown below: Inventory Item Quantity Cost per Unit Market Value per Unit (Net Realizable Value) JFW1 5,750 $9 $10 SAW9 1,040 27 24 Determine the value of the inventory at the lower of cost or market. Apply lower of cost or market to each inventory item, as shown in Exhibit 9. 76,710
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