Oriole Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis.Item No. Quantity132013331426143715101522157316261,4001,1001,0001,2009007003,2001,200Cost perUnit$3.843.245.404.322.703.602.165.64Cost toReplace$3.602.76The amount of Oriole Company's inventory $4.44+A3.722.403.241.926.24Estimated SellingPrice$5.404.206.003.84347523.904.56From the information above, determine the amount of Oriole Company inventory.3.007.20Cost of Completionand Disposal$0.420.600.480.300.960.480.900.60NormalProfit$1.500.601.201.080.720.600.601.20

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Description: Oriole Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis.Item No. Quantity132013331426143715101522157316261,4001,1001,0001,2009007003,2001,200Cost perUnit$3.843.245.404.322.703.602.165.

Inventory is a current asset account found on the balance sheet, consisting of all raw materials, work-in-progress, and finished goods that a company has accumulated. An inventory is a complete list of all merchandise or stock of items owned by or available from a business.

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Accounting

Oriole Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis. Item No. Quantity 1320 1333 1426 1437 1510 1522 1573 1626 1,400 1,100 1,000 1,200 900 700 3,200 1,200 Cost per Unit $3.84 3.24 5.40 4.32 2.70 3.60 2.16 5.64 Cost to Replace $3.60 The amount of Oriole Company's inventory 2.76 4.44 3.72 2.40 3.24 1.92 6.24 Estimated Selling Price $5.40 4.20 6.00 3.84 3.90 4.56 3.00 7.20 From the information above, determine the amount of Oriole Company inventory. 34752 Cost of Completion and Disposal $0.42 0.60 0.48 0.30 0.96 0.48 0.90 0.60 Normal Profit $1.50 0.60 1.20 1.08 0.72 0.60 0.60 1.20

Oriole Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis. Item No. Quantity 1320 1333 1426 1437 1510 1522 1573 1626 1,400 1,100 1,000 1,200 900 700 3,200 1,200 Cost per Unit $3.84 3.24 5.40 4.32 2.70 3.60 2.16 5.64 Cost to Replace $3.60 The amount of Oriole Company's inventory 2.76 4.44 3.72 2.40 3.24 1.92 6.24 Estimated Selling Price $5.40 4.20 6.00 3.84 3.90 4.56 3.00 7.20 From the information above, determine the amount of Oriole Company inventory. 34752 Cost of Completion and Disposal $0.42 0.60 0.48 0.30 0.96 0.48 0.90 0.60 Normal Profit $1.50 0.60 1.20 1.08 0.72 0.60 0.60 1.20

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Oriole Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis. Item No. 1320 1333 1426 1437 1510 1522 1573 1626 Quantity 1,400 1,100 1,000 1,200 900 700 3,200 1,200 Cost per Unit $3.84 3.24 5.40 4.32 2.70 3.60 2.16 5.64 Cost to Replace $3.60 2.76 The amount of Oriole Company's inventory $ 4.44 3.72 2.40 3.24 1.92 6.24 Estimated Selling Price $5.40 4.20 6.00 3.84 3.90 4.56 3.00 7.20 From the information above, determine the amount of Oriole Company inventory. Cost of Completion and Disposal $0.42 0.60 0.48 0.30 0.96 0.48 0.90 0.60 Normal Profit $1.50 0.60 1.20 1.08 0.72 0.60 0.60 1.20
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