Sunland 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 1,900 1,600 1,500 1,700 1,400 1,200 3,700 1,700 Cost per Unit $3.62 3.05 5.09 4.07 2.54 3.39 2.03 5.31 Cost to Replace $3.39 2.60 4.18 3.50 2.26 3.05 1.81 5.88 Estimated Selling Price $5.09 3.96 5.65 3.62 3.67 4.29 2.83 6.78 From the information above, determine the amount of Sunland Company inventory. Cost of Completion and Disposal $0.40 0.57 0.45 0.28 0.90 0.45 0.85 0.57 Normal Profit $1.41 0.57 1.13 1.02 0.68 0.57 0.57 1.13
Sunland 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 1,900 1,600 1,500 1,700 1,400 1,200 3,700 1,700 Cost per Unit $3.62 3.05 5.09 4.07 2.54 3.39 2.03 5.31 Cost to Replace $3.39 2.60 4.18 3.50 2.26 3.05 1.81 5.88 Estimated Selling Price $5.09 3.96 5.65 3.62 3.67 4.29 2.83 6.78 From the information above, determine the amount of Sunland Company inventory. Cost of Completion and Disposal $0.40 0.57 0.45 0.28 0.90 0.45 0.85 0.57 Normal Profit $1.41 0.57 1.13 1.02 0.68 0.57 0.57 1.13
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Sunland 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
1,900
1,600
1,500
1,700
1,400
1,200
3,700
1,700
Cost per
Unit
$3.62
3.05
5.09
4.07
2.54
3.39
2.03
5.31
Cost to
Replace
$3.39
2.60
4.18
3.50
2.26
3.05
1.81
5.88
Estimated Selling
Price
The amount of Sunland Company's inventory $
$5.09
3.96
5.65
3.62
3.67
4.29
2.83
6.78
From the information above, determine the amount of Sunland Company inventory.
Cost of Completion and
Disposal
$0.40
0.57
0.45
0.28
0.90
0.45
0.85
0.57
Normal
Profit
$1.41
0.57
1.13
1.02
0.68
0.57
0.57
1.13
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