Managerial Accounting
15th Edition
ISBN: 9781337912020
Author: Carl Warren, Ph.d. Cma William B. Tayler
Publisher: South-Western College Pub
expand_more
expand_more
format_list_bulleted
Question
Chapter 1, Problem 3E
To determine
Indicate whether the given items are properly classified as part of
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
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a Part No. 121 is obsolete and has a realizable value of $0.55 each as scrap.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
Managerial Accounting
Ch. 1 - Prob. 1DQCh. 1 - Prob. 2DQCh. 1 - What manufacturing cost term is used to describe...Ch. 1 - Distinguish between prime costs and conversion...Ch. 1 - What is the difference between a product cost and...Ch. 1 - Name the three inventory accounts for a...Ch. 1 - In what order should the three inventories of a...Ch. 1 - What are the three categories of manufacturing...Ch. 1 - How do the manufacturing costs incurred during a...Ch. 1 - How does the Cost of goods sold section of the...
Ch. 1 - Management process Three phases of the management...Ch. 1 - Prob. 2BECh. 1 - Prime and conversion costs Identify the following...Ch. 1 - Product and period costs Identify the following...Ch. 1 - Cost of goods sold, cost of goods manufactured...Ch. 1 - Jakes Cabins is a small motel chain with locations...Ch. 1 - Indicate whether each of the following costs of an...Ch. 1 - Indicate whether the following costs of Procter ...Ch. 1 - Prob. 3ECh. 1 - For apparel manufacturer Abercrombie Fitch, Inc....Ch. 1 - From the choices presented in parentheses, choose...Ch. 1 - Prob. 6ECh. 1 - Classifying costs In a service company A partial...Ch. 1 - Classifying costs The following is a manufacturing...Ch. 1 - Financial statements of a manufacturing firm The...Ch. 1 - Manufacturing company balance sheet Partial...Ch. 1 - Cost of direct materials used in production for a...Ch. 1 - Prob. 12ECh. 1 - Cost of goods manufactured for a manufacturing...Ch. 1 - Income statement for a manufacturing company Two...Ch. 1 - Statement of cost of goods manufactured for a...Ch. 1 - Cost of goods sold, profit margin, and net income...Ch. 1 - Cost flow relationships The following information...Ch. 1 - The following is a list of costs that were...Ch. 1 - The following is a list of costs incurred by...Ch. 1 - A partial list of Foothills Medical Centers costs...Ch. 1 - Manufacturing income statement, statement of cost...Ch. 1 - Statement of cost of goods manufactured and income...Ch. 1 - Prob. 1PBCh. 1 - The following is a list of costs incurred by...Ch. 1 - A partial list of The Grand Hotels costs follows:...Ch. 1 - Several items are omitted from the income...Ch. 1 - Statement of cost of goods manufactured and income...Ch. 1 - Comfort Plus, Inc., has a hotel with 300 rooms in...Ch. 1 - Prob. 2MADCh. 1 - Comparing occupancy for two hotels Sunrise Suites...Ch. 1 - Prob. 4MADCh. 1 - Prob. 5MADCh. 1 - Prob. 1TIFCh. 1 - Communication Todd Johnson is the Vice President...Ch. 1 - For each of the following managers, describe how...Ch. 1 - The following situations describe scenarios that...Ch. 1 - Geek Chic Company provides computer repair...Ch. 1 - Which of the following items would not be...Ch. 1 - Prob. 2CMACh. 1 - A firm has 100,000 in direct materials costs,...Ch. 1 - In practice, items such as wood screws and glue...
Knowledge Booster
Similar questions
- Regulations and requirements necessary to open an Accounting Firm?arrow_forwardHow can an Accounting Firm be competitive and or stand out against it's competitors?arrow_forwardWhat does a normal business day look like for an accounting firm? How can an accoutning firm help a small business? How can an accoutning firm help an individual investor?arrow_forward
- Provide a detailed description of the importance of an accounting firm business and the essential impact it offers to the market/economy.arrow_forwardProvide a detailed description of opening an accounting firm business offers to the market and then answer the following questions: What benefits to the market does an Accounting Firm provide? How can an Accounting Firm approach the market better than the competition?arrow_forwardSubject:- General Accountarrow_forward
- During the year, Kiner Company made an entry to write off a $9,000 uncollectible account. Before this entry was made, the balance in accounts receivable was $315,000 and the balance in the allowance account was $27,000. The net realizable value of accounts receivable after the write-off entry was: A. $200,000. B. $184,000. C. $176,000. D. $288,000. answerarrow_forwardProvide answerarrow_forwardCalculate the equity premiumarrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Managerial AccountingAccountingISBN:9781337912020Author:Carl Warren, Ph.d. Cma William B. TaylerPublisher:South-Western College Pub
Survey of Accounting (Accounting I)AccountingISBN:9781305961883Author:Carl WarrenPublisher:Cengage Learning
Managerial Accounting: The Cornerstone of Busines...AccountingISBN:9781337115773Author:Maryanne M. Mowen, Don R. Hansen, Dan L. HeitgerPublisher:Cengage Learning
Principles of Accounting Volume 2AccountingISBN:9781947172609Author:OpenStaxPublisher:OpenStax College
Managerial Accounting
Accounting
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:South-Western College Pub
Survey of Accounting (Accounting I)
Accounting
ISBN:9781305961883
Author:Carl Warren
Publisher:Cengage Learning
Managerial Accounting: The Cornerstone of Busines...
Accounting
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Cengage Learning
Principles of Accounting Volume 2
Accounting
ISBN:9781947172609
Author:OpenStax
Publisher:OpenStax College