Whispering Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual - item basis. \ table[[\table[[Item], [No.]], Quantity, \table[[Cost per], [Unit]], \ table[[Cost to], [Replace]], \table[[Estimated Selling], [Price]], \ table[[Cost of Completion and], [Disposal]], \table[[Normal], [ Profit]]], [1320, 1, 800, $3.55, $3.33, $5.00, $0.39, S1.39 Whispering Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis.ItemNo.13201333142614371510152215731626Quantity1,8001,5001,4001,6001,3001,1003,6001,600Cost perUnit$3.553.005.004.002.503.332.005.22Cost toReplace$3.332.554.113.442.223.00The amount of Whispering Company's inventory1.785.77Estimated SellingPrice$5.003.895.553.553.614.222.786.66From the information above, determine the amount of Whispering Company inventory.Cost of Completion andDisposal$0.390.560.440.280.890.440.830.56NormalProfit$1.390.561.111.000.670.560.561.11

Name: Whispering Company follows the practice of pricing its inventory at th
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Description: Whispering Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual - item basis. \ table[[\table[[Item], [No.]], Quantity, \table[[Cost per], [Unit]], \ table[[Cost to], [Replace]], \table[[Estimated Sel

Inventory refers to the stock of goods, raw materials, work- in- progress, or finished products…

Answered: Whispering Company follows the practice…

Corporate Financial Accounting

15th Edition

ISBN:9781337398169

Author:Carl Warren, Jeff Jones

Publisher:Carl Warren, Jeff Jones

Chapter6: Inventories

Section: Chapter Questions

Problem 7DQ: Using the following data, how should the inventory be valued under lower of cost or market? Original...

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Whispering Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual - item basis. \ table[[\table[[Item], [No.]], Quantity, \table[[Cost per], [Unit]], \ table[[Cost to], [Replace]], \table[[Estimated Selling], [Price]], \ table[[Cost of Completion and], [Disposal]], \table[[Normal], [ Profit]]], [1320, 1, 800, $3.55, $3.33, $5.00, $0.39, S1.39

Whispering 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
1,800
1,500
1,400
1,600
1,300
1,100
3,600
1,600
Cost per
Unit
$3.55
3.00
5.00
4.00
2.50
3.33
2.00
5.22
Cost to
Replace
$3.33
2.55
4.11
3.44
2.22
3.00
The amount of Whispering Company's inventory
1.78
5.77
Estimated Selling
Price
$5.00
3.89
5.55
3.55
3.61
4.22
2.78
6.66
From the information above, determine the amount of Whispering Company inventory.
Cost of Completion and
Disposal
$0.39
0.56
0.44
0.28
0.89
0.44
0.83
0.56
Normal
Profit
$1.39
0.56
1.11
1.00
0.67
0.56
0.56
1.11

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