College Accounting, Chapters 1-9 (New in Accounting from Heintz and Parry)
22nd Edition
ISBN: 9781305888531
Author: HEINTZ, James A., Parry, Robert W.
Publisher: Cengage Learning
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Textbook Question
Chapter 1, Problem 1SEB
PURPOSE OF ACCOUNTING Describe the kind of information needed by the users listed.
Owners (present and future)
Managers
Creditors (present and future)
Government agencies
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Marin Company follows the practice of pricing its inventory at the lower-
of-cost-or-market, on an individual-item basis.
Cost Cost to
Ite
Estimated
Cost of
Norm
Qua
m
per
Replac
Selling
Completion
al
ntity
No.
Unit
e
Price
and Dsposal
Profit
1320 1,400 $ 3.81
$ 3.57
$ 5.36
$0.42 $1.49
1333 1,100 3.21
2.74
4.17
0.60
0.60
1426 1,000 5.36
4.40
5.95
0.48
1.19
1437 1,200 4.28
3.69
3.81
0.30
1.07
1510 900
2.68
2.38
3.87
0.95
0.71
1522 700
3.57
3.21
4.52
0.48
0.60
1573 3,200 2.14
1.90
2.98
0.89
0.60
1626 1,200 5.59
6.19
7.14
0.60
1.19
From the information above, determine the amount of Marin Company
Inventory.
The amount of Marin Company inventory $
The inventory of 3T Company on December 31, 2014, consists of the following items.
Part No.
Quantity
Cost per Unit
Cost to Replace per Unit
110
630
$ 99
$ 110
111
1,110
66
57
112
510
88
84
113
260
187
198
120
470
226
229
121 a
1,700
18
15
122
360
264
259
a Part No. 121 is obsolete and has a realizable value of $0.55 each as scrap.
(a) Determine the inventory as of December 31, 2014, by the lower-of-cost-or-market
method, applying this method directly to each item.
Inventory as of December 31, 2013
$
(b) Determine the inventory by the lower-of-cost-or-market method, applying the method to
the total of the inventory.
Inventory as of December 31, 2013
$
Subject:- General Account
Chapter 1 Solutions
College Accounting, Chapters 1-9 (New in Accounting from Heintz and Parry)
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