SUBJECT - ACCOUNT Sedato Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual item basis. Ite m Cost Cost to Estimated Qua per Replac Selling Cost of Completion Norm al ntity No. Unit e Price and Disposal Profit 1320 1,900 $ 5.82 $ 5.46 $8.19 $ 0.64 $2.28 1333 1,600 4.91 4.19 6.19 0.91 $ 0.91 1426 1,500 8.19 6.73 9.1 0.73 1.82 1437 1,700 6.55 5.64 5.82 0.82 1.64 1510 1,400 4.1 3.64 5.92 1.46 1.09 1522 1,200 5.46 4.91 7.1 0.73 0.91 1573 3,700 3.28 2.91 4.55 1.37 0.91 1626 1,700 8.55 9.46 10.92 0.91 1.82 From the information above, determine the amount of Sedato Company's inventory. The amount of Sedato Company's Inventory $

SUBJECT - ACCOUNT Sedato Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual item basis. Ite m Cost Cost to Estimated Qua per Replac Selling Cost of Completion Norm al ntity No. Unit e Price and Disposal Profit 1320 1,900 $ 5.82 $ 5.46 $8.19 $ 0.64 $2.28 1333 1,600 4.91 4.19 6.19 0.91 $ 0.91 1426 1,500 8.19 6.73 9.1 0.73 1.82 1437 1,700 6.55 5.64 5.82 0.82 1.64 1510 1,400 4.1 3.64 5.92 1.46 1.09 1522 1,200 5.46 4.91 7.1 0.73 0.91 1573 3,700 3.28 2.91 4.55 1.37 0.91 1626 1,700 8.55 9.46 10.92 0.91 1.82 From the information above, determine the amount of Sedato Company's inventory. The amount of Sedato Company's 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 13E: Retail Inventory Method The following information relates to the retail inventory method used by...

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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 first-in, first-out (FIFO).
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Inventory Valuation Specific identification method Weighted average cost method FIFO method LIFO method LIFO liquidation LIFO conformity rule LIFO reserve Replacement cost Inventory profit Lower-of-cost-or-market (LCM) rule Inventory turnover ratio Number of days sales in inventory Moving average (Appendix) The name given to an average cost method when a weighted average cost assumption is used with a perpetual inventory system. An inventory costing method that assigns the same unit cost to all units available for sale during the period. A conservative inventory valuation approach that is an attempt to anticipate declines in the value of inventory before its actual sale. An inventory costing method that assigns the most recent costs to ending inventory. The current cost of a unit of inventory. An inventory costing method that assigns the most recent costs to cost of goods sold. A measure of how long it takes to sell inventory. The IRS requirement that when LIFO is used on a tax return, it must also be used in reporting income to stockholders. An inventory costing method that relies on matching unit costs with the actual units sold. The portion of the gross profit that results from holding inventory during a period of rising prices. The result of selling more units than are purchased during the period, which can have negative tax consequences if a company is using LIFO. The excess of the value of a companys inventory stated at FIFO over the value stated at LIFO. A measure of the number of times inventory is sold during the period.
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