26.The following data refer to Issue Company’s ending inventory:Item codeQuantityUnit CostUnit MarketSmall100$56$59Medium420 38 44Large600 44 42Extra-Large220 64 67 How much is the inventory if the lower of cost or market rule is applied to each item of inventory?

Name: 26.The following data refer to Issue Company’s ending inventory:Item c
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Description: 26.The following data refer to Issue Company’s ending inventory:Item codeQuantityUnit CostUnit MarketSmall100$56$59Medium420 38 44Large600 44 42Extra-Large220 64 67 How much is the inventory if the lower of cost or market rule is applied to eac

Lower of cost or market value Small (100*56)=$5600 Medium (420*38)=$15960 Large…

Answered: The following data refer to Issue…

Business

Accounting

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

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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Kingbird 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 $3.87 3.27 5.45 4.36 2.72 3.63 2.18 5.69 Cost to Replace $3.63 The amount of Kingbird Company's inventory 2.78 4.48 3.75 2.42 3.27 1.94 6.29 Estimated Selling Price From the information above, determine the amount of Kingbird Company inventory. $5.45 4.24 6.05 3.87 3.93 4.60 3.03 7.26 Cost of Completion and Disposal $0.42 0.61 0.48 0.30 0.97 0.48 0.91 0.61 Normal Profit $1.51 0.61 1.21 1.09 0.73 0.61 0.61 1.21
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