**Oriole Company Inventory Analysis**Oriole Company adheres to a pricing practice for its inventory using the lower-of-cost-or-market rule on an individual-item basis. Below is the detailed inventory information:| Item No. | Quantity | Cost per Unit | Cost to Replace | Estimated Selling Price | Cost of Completion and Disposal | Normal Profit ||----------|----------|---------------|-----------------|--------------------------|---------------------------------|---------------|| 1320 | 1,400 | $3.84 | $3.60 | $5.40 | $0.42 | $1.50 || 1333 | 1,100 | $3.24 | $2.76 | $4.20 | $0.60 | $0.60 || 1426 | 1,000 | $5.40 | $4.44 | $6.00 | $0.48 | $1.20 || 1437 | 1,200 | $4.32 | $3.72 | $3.84 | $0.30 | $1.08 || 1510 | 900 | $2.70 | $2.40 | $3.90 | $0.96 | $0.72 || 1522 | 700 | $3.60 | $3.24 | $4.56 | $0.48 | $0.60 || 1573 | 3,200 | $2.16 | $1.92 | $3.00 | $0.90 | $0.60 || 1626 | 1,200 | $5.64 | $6.24 | $7.20 | $0.60 | $1.20 |From the information above, calculate the total amount of Oriole Company’s inventory utilizing the specific pricing strategy mentioned.**The amount of Oriole Company’s inventory**: $ [Input Field]

Name: **Oriole Company Inventory Analysis**Oriole Company adheres to a pric
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: **Oriole Company Inventory Analysis**Oriole Company adheres to a pricing practice for its inventory using the lower-of-cost-or-market rule on an individual-item basis. Below is the detailed inventory information:| Item No. | Quantity | Cost per Unit

Lower of cost or market: - this method is used to value the assets. The assets is valued at historical cost or market value, whichever is lower. When the inventory value is declined on that time, the firm may choose lower cost or market value.NRV = Estimated selling price - cost of completion and disposal The amount of Oriole company's inventory $34752

Business

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 2.76 4.44 The amount of Oriole Company's inventory $ 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

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 2.76 4.44 The amount of Oriole Company's inventory $ 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

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

acc
Need help
san
26. The following data refer to Issue Company’s ending inventory: Item code Quantity Unit Cost Unit Market Small 100 $56 $59 Medium 420 38 44 Large 600 44 42 Extra-Large 220 64 67 How much is the inventory if the lower of cost or market rule is applied to each item of inventory?
Ames Trading Company has the following products in its ending inventory Cost per Unit Product Mountain bikes. Skateboards Gliders Inventory Items Quantity 12 22 12 Mountain bikes Skateboards Gliders $ 580 330 960 Compute lower of cost or market for inventory applied separately to each product. Units Market per Unit $ 510 370 910 Per Unit Cost Market Cost Total Market LCM applied to each product
Skysong 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 1,500 1,200 1,100 1,300 1,000 800 3,300 1,300 Cost per Unit $3.39 2.86 4.77 3.82 2.39 3.18 1.91 4.98 Cost to Replace $3.18 2.44 3.92 3.29 2.12 2.86 1.70 5.51 Estimated Selling Cost of Completion and Price Disposal $0.37 The amount of Skysong Company's inventory $ $4.77 3.71 5.30 3.39 3.45 4.03 2.65 6.36 From the information above, determine the amount of Skysong Company inventory. 0.53 0.42 0.27 0.85 0.42 0.80 0.53 Normal Profit $1.33 0.53 1.06 0.95 0.64 0.53 0.53 1.06
sss
Question - Company sells three different categories of tools (small, medium, and large). The cost and market value of its inventory of tools is as follows. Cost Market Value Small $ 63,200 $ 72,000 Medium 2,89,400 2,60,800 Large 1,52,100 1,72,800 Determine the value of the company's inventory under the lower-of- cost-or-market value approach.
The following inventory information is gathered from the accounting records of Tucker Enterprises: # of Units x Unit Cost = Total Beginning Inventory 4000 x 5 Purchases 6000 x 7 Sales 9000 x 10 Ending Inventory 1000 a. Calculate Ending Inventory # of Units Unit Cost Ending Inventory 1.FIFO 0 $- 2.LIFO 0 $- 3.Weighted Average Cost 0 $- $- $- $- b. Cost of Goods Sold # of Units # of Units Unit cost Unit cost Cost of Goods Sold 1.FIFO $- 2.LIFO $- 3.Weighted Average Cost $- $- 0 $- c.Gross profit using each of the following methods: Sales Cost of Goods Sold Gross Profit 1.FIFO $- $- $- 2.LIFO $- $- $- 3.Weighted Average Cost $- $- $-
Lower-of-Cost-or-Net Realizable Value Method The following data are taken from the Hilton Corporation’s inventory accounts: Item Code Quantity Unit Cost Net Realizable Value Product 1 XKE 100 $32 $28 XKF 400 43 44 Product 2 ZNJ 400 32 29 ZNS 300 43 48 Calculate the value of the company’s ending inventory using the lower-of-cost-or-net realizable method applied to each item of inventory. Applying the lower-of-cost-or-net realizable value method to each item of the inventory results in an ending inventory amount of $Answer
Ames Trading Company has the following products in its ending inventory. Required: Compute lower of cost or market for inventory applied separately to each product. Inventory Items Mountain bikes Skateboards Gliders Units 11 13 26 Cost Per Unit $600 350 800 Market $550 425 700 Cost Total Market LCM Applied to Each Product