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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.   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, determine the amount of Oriole Company inventory.

Oriole 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   1,400     $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, determine the amount of Oriole Company inventory.

FINANCIAL ACCOUNTING
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.
  
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, determine the amount of Oriole Company inventory.

The amount of Oriole Company’s inventory
Current Attempt in Progress Oriole Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis. Estimated Cost of Item Cost Cost to Selling Completion and Disposal Normal No. Quantity per Unit Replace Price 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, determine the amount of Oriole Company inventory. The amount of Oriole Company's inventory $
Transcribed Image Text:Current Attempt in Progress Oriole Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis. Estimated Cost of Item Cost Cost to Selling Completion and Disposal Normal No. Quantity per Unit Replace Price 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, determine the amount of Oriole Company inventory. The amount of Oriole Company's inventory $
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