Question
In: Accounting
Exercise 9-03 Skysong Company follows the practice of pricing its inventory at LCNRV, on an individual-item...
Exercise 9-03
Skysong Company follows the practice of pricing its inventory at
LCNRV, on an individual-item basis.
|
Item No. |
Quantity |
Cost |
Estimated |
Cost to Complete |
||||
|---|---|---|---|---|---|---|---|---|
|
1320 |
1,800 | $3.39 | $4.77 | $1.70 | ||||
|
1333 |
1,500 | 2.86 | 3.60 | 1.06 | ||||
|
1426 |
1,400 | 4.77 | 5.30 | 1.48 | ||||
|
1437 |
1,600 | 3.82 | 3.39 | 1.43 | ||||
|
1510 |
1,300 | 2.39 | 3.45 | 1.48 | ||||
|
1522 |
1,100 | 3.18 | 4.13 | 0.85 | ||||
|
1573 |
3,600 | 1.91 | 2.65 | 1.27 | ||||
|
1626 |
1,600 | 4.98 | 6.36 | 1.59 |
From the information above, determine the amount of Skysong Company
inventory.
| The amount of Skysong Company’s inventory | ------------------------------------------------ |
Solutions
Expert Solution
| Item No. | Quantity | Cost per Unit | Estimated Selling Price | Cost to Complete and Sell | Net Realizable Value (Selling price - Cos to sell) | Total Cost(Total Qty*Cost per unit) | Total NRV(Total Qty*NRV per unit) | Lower of cost and NRV |
| 1320 | 1,800 | $3.39 | $4.77 | $1.70 | $3.07 | $6,102.00 | $5,526.00 | $5,526.00 |
| 1333 | 1,500 | 2.86 | 3.6 | 1.06 | $2.54 | $4,290.00 | $3,810.00 | $3,810.00 |
| 1426 | 1,400 | 4.77 | 5.3 | 1.48 | $3.82 | $6,678.00 | $5,348.00 | $5,348.00 |
| 1437 | 1,600 | 3.82 | 3.39 | 1.43 | $1.96 | $6,112.00 | $3,136.00 | $3,136.00 |
| 1510 | 1,300 | 2.39 | 3.45 | 1.48 | $1.97 | $3,107.00 | $2,561.00 | $2,561.00 |
| 1522 | 1,100 | 3.18 | 4.13 | 0.85 | $3.28 | $3,498.00 | $3,608.00 | $3,498.00 |
| 1573 | 3,600 | 1.91 | 2.65 | 1.27 | $1.38 | $6,876.00 | $4,968.00 | $4,968.00 |
| 1626 | 1,600 | 4.98 | 6.36 | 1.59 | $4.77 | $7,968.00 | $7,632.00 | $7,632.00 |
| The amount of Skysong Company’s inventory | $36,479.00 | |||||||
ekkarill92 answered 3 years agoRelated Solutions
Exercise 9-03 Blue Company follows the practice of pricing its inventory at LCNRV, on an individual-item...
Exercise 9-03 Blue Company follows the practice of pricing its
inventory at LCNRV, on an individual-item basis. Item No. Quantity
Cost per Unit Estimated Selling Price Cost to Complete and Sell
1320 1,800 $3.90 $5.49 $1.95 1333 1,500 3.29 4.15 1.22 1426 1,400
5.49 6.10 1.71 1437 1,600 4.39 3.90 1.65 1510 1,300 2.75 3.97 1.71
1522 1,100 3.66 4.76 0.98 1573 3,600 2.20 3.05 1.46 1626 1,600 5.73
7.32 1.83 From the information above, determine the amount of Blue...
Blue Company follows the practice of pricing its inventory at LCNRV, on an individual-item basis. Item...
Blue Company follows the practice of pricing its inventory at
LCNRV, on an individual-item basis.
Item No.
Quantity
Cost
per Unit
Estimated
Selling Price
Cost to Complete
and Sell
1320
1,800
$3.90
$5.49
$1.95
1333
1,500
3.29
4.15
1.22
1426
1,400
5.49
6.10
1.71
1437
1,600
4.39
3.90
1.65
1510
1,300
2.75
3.97
1.71
1522
1,100
3.66
4.76
0.98
1573
3,600
2.20
3.05
1.46
1626
1,600
5.73
7.32
1.83
From the information above, determine the amount of Blue Company
inventory....
Larkspur Company follows the practice of pricing its inventory at LCNRV, on an individual-item basis. Item...
Larkspur Company follows the practice of pricing its inventory
at LCNRV, on an individual-item basis.
Item No.
Quantity
Cost
per Unit
Estimated
Selling Price
Cost to Complete
and Sell
1320
1,300
$4.00
$5.63
$2.00
1333
1,000
3.38
4.25
1.25
1426
900
5.63
6.25
1.75
1437
1,100
4.50
4.00
1.69
1510
800
2.81
4.06
1.75
1522
600
3.75
4.88
1.00
1573
3,100
2.25
3.13
1.50
1626
1,100
5.88
7.50
1.88
From the information above, determine the amount of Larkspur
Company inventory....
Skysong Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis....
Skysong Company follows the practice of pricing its inventory at
the lower-of-cost-or-market, on an individual-item basis.
Item No.
Quantity
Cost per Unit
Cost to Replace
Estimated Selling Price
Cost of Completion and Disposal
Normal Profit
1320
1,500
$3.39
$3.18
$4.77
$0.37
$1.33
1333
1,200
2.86
2.44
3.71
0.53
0.53
1426
1,100
4.77
3.92
5.30
0.42
1.06
1437
1,300
3.82
3.29
3.39
0.27
0.95
1510
1,000
2.39
2.12
3.45
0.85
0.64
1522
800
3.18
2.86
4.03
0.42
0.53
1573
3,300
1.91...
Skysong Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis....
Skysong Company follows the practice of pricing its inventory at
the lower-of-cost-or-market, on an individual-item basis.
Item No.
Quantity
Cost per Unit
Cost to Replace
Estimated Selling Price
Cost of Completion and Disposal
Normal Profit
1320
1,500
$3.39
$3.18
$4.77
$0.37
$1.33
1333
1,200
2.86
2.44
3.71
0.53
0.53
1426
1,100
4.77
3.92
5.30
0.42
1.06
1437
1,300
3.82
3.29
3.39
0.27
0.95
1510
1,000
2.39
2.12
3.45
0.85
0.64
1522
800
3.18
2.86
4.03
0.42
0.53
1573
3,300
1.91...
Sheridan Company uses the LCNRV method, on an individual-item basis, in pricing its inventory items. The...
Sheridan Company uses the LCNRV method, on an individual-item
basis, in pricing its inventory items. The inventory at December
31, 2020, consists of products D, E, F, G, H, and I. Relevant per
unit data for these products appear below.
Item D
Item E
Item F
Item G
Item H
Item I
Estimated selling price
$130
$119
$103
$97
$119
$97
Cost
81
86
86
86
54
39
Cost to complete
32
32
27
38
32
32
Selling costs
11...
Ayayai Company uses the LCNRV method, on an individual-item basis, in pricing its inventory items. The...
Ayayai Company uses the LCNRV method, on an individual-item
basis, in pricing its inventory items. The inventory at December
31, 2017, consists of products D, E, F, G, H, and I. Relevant per
unit data for these products appear below. Item D Item E Item F
Item G Item H Item I Estimated selling price $128 $118 $102 $96
$118 $96 Cost 80 86 86 86 54 39 Cost to complete 32 32 27 37 32 32
Selling costs 11...
Flint Company uses the LCNRV method, on an individual-item basis, in pricing its inventory items. The...
Flint Company uses the LCNRV method, on an individual-item
basis, in pricing its inventory items. The inventory at December
31, 2017, consists of products D, E, F, G, H, and I. Relevant per
unit data for these products appear below. Item D Item E Item F
Item G Item H Item I Estimated selling price $126 $116 $100 $95
$116 $95 Cost 79 84 84 84 53 38 Cost to complete 32 32 26 37 32 32
Selling costs 11...
Blue Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis....
Blue Company follows the practice of pricing its inventory at
the lower-of-cost-or-market, on an individual-item basis.
Item No.
Quantity
Cost per Unit
Cost to Replace
Estimated Selling Price
Cost of Completion and Disposal
Normal Profit
1320
1,300
$3.23
$3.03
$4.55
$0.35
$1.26
1333
1,000
2.73
2.32
3.54
0.51
0.51
1426
900
4.55
3.74
5.05
0.40
1.01
1437
1,100
3.64
3.13
3.23
0.25
0.91
1510
800
2.27
2.02
3.28
0.81
0.61
1522
600
3.03
2.73
3.84
0.40
0.51
1573
3,100
1.82...
Martinez Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis....
Martinez Company follows the practice of pricing its inventory
at the lower-of-cost-or-market, on an individual-item
basis.
Item No.
Quantity
Cost per Unit
Cost to Replace
Estimated Selling Price
Cost of Completion and Disposal
Normal Profit
1320
1,600
$3.46
$3.24
$4.86
$0.38
$1.35
1333
1,300
2.92
2.48
3.78
0.54
0.54
1426
1,200
4.86
4.00
5.40
0.43
1.08
1437
1,400
3.89
3.35
3.46
0.27
0.97
1510
1,100
2.43
2.16
3.51
0.86
0.65
1522
900
3.24
2.92
4.10
0.43
0.54
1573
3,400
1.94...
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