Question
In: Accounting
Swifty Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis....
Swifty 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 |
1,400 | $3.30 | $3.09 | $4.64 | $0.36 | $1.29 | ||||||||||||
|
1333 |
1,100 | 2.78 | 2.37 | 3.61 | 0.52 | 0.52 | ||||||||||||
|
1426 |
1,000 | 4.64 | 3.81 | 5.15 | 0.41 | 1.03 | ||||||||||||
|
1437 |
1,200 | 3.71 | 3.19 | 3.30 | 0.26 | 0.93 | ||||||||||||
|
1510 |
900 | 2.32 | 2.06 | 3.35 | 0.82 | 0.62 | ||||||||||||
|
1522 |
700 | 3.09 | 2.78 | 3.91 | 0.41 | 0.52 | ||||||||||||
|
1573 |
3,200 | 1.85 | 1.65 | 2.58 | 0.77 | 0.52 | ||||||||||||
|
1626 |
1,200 | 4.84 | 5.36 | 6.18 | 0.52 | 1.03 | ||||||||||||
From the information above, determine the amount of Swifty Company
inventory.
| The amount of Swifty Company’s inventory |
$enter the dollar amount of Swifty Company's inventory |
Solutions
Expert Solution
| Item | Qty | Cost per Unit | Cost to replace | Estimated Selling Price | Cost of Completion and Disposal | Normal Profit | NRV | NRV - Normal Profit | Market | Lower of Cost or Market | Value of Inventry at lower of cost or market value |
| 1320 | 1,400 | 3.3 | 3.09 | 4.64 | 0.36 | 1.29 | 4.28 | 2.99 | 3.09 | 3.09 | 4326 |
| 1333 | 1,100 | 2.78 | 2.37 | 3.61 | 0.52 | 0.52 | 3.09 | 2.57 | 2.57 | 2.57 | 2827 |
| 1426 | 1,000 | 4.64 | 3.81 | 5.15 | 0.41 | 1.03 | 4.74 | 3.71 | 3.81 | 3.81 | 3810 |
| 1437 | 1,200 | 3.71 | 3.19 | 3.3 | 0.26 | 0.93 | 3.04 | 2.11 | 3.04 | 3.04 | 3648 |
| 1510 | 900 | 2.32 | 2.06 | 3.35 | 0.82 | 0.62 | 2.53 | 1.91 | 2.06 | 2.06 | 1854 |
| 1522 | 700 | 3.09 | 2.78 | 3.91 | 0.41 | 0.52 | 3.5 | 2.98 | 2.98 | 2.98 | 2086 |
| 1573 | 3,200 | 1.85 | 1.65 | 2.58 | 0.77 | 0.52 | 1.81 | 1.29 | 1.65 | 1.65 | 5280 |
| 1626 | 1,200 | 4.84 | 5.36 | 6.18 | 0.52 | 1.03 | 5.66 | 4.63 | 5.36 | 4.84 | 5808 |
| Total ending inventory value | 29639 | ||||||||||
| Note 1: Market price is same as replacement cost, but if replacement cost is more than NRV then NRV will be the market value(as in 1437), Also market price should not be less then NRV-NP.otherwise NRV-Normal profit will be market price (As in Itme 1333 and Item 1522) | |||||||||||
ekkarill92 answered 1 year agoRelated Solutions
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...
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...
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...
Sarasota Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis....
Sarasota 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
$3.42
$3.21
$4.82
$0.37
$1.34
1333
1,300
2.89
2.46
3.75
0.54
0.54
1426
1,200
4.82
3.96
5.35
0.43
1.07
1437
1,400
3.85
3.32
3.42
0.27
0.96
1510
1,100
2.41
2.14
3.48
0.86
0.64
1522
900
3.21
2.89
4.07
0.43
0.54
1573
3,400
1.93...
Kingbird Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis....
Kingbird 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
$3.87
$3.63
$5.45
$0.42
$1.51
1333
1,200
3.27
2.78
4.24
0.61
0.61
1426
1,100
5.45
4.48
6.05
0.48
1.21
1437
1,300
4.36
3.75
3.87
0.30
1.09
1510
1,000
2.72
2.42
3.93
0.97
0.73
1522
800
3.63
3.27
4.60
0.48
0.61
1573
3,300
2.18...
Vaughn Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis....
Vaughn 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
1,400
$3.30
$3.09
$4.64
$0.36
$1.29
1333
1,100
2.78
2.37
3.61
0.52
0.52
1426
1,000
4.64
3.81
5.15
0.41
1.03
1437
1,200
3.71
3.19
3.30
0.26
0.93
1510
900
2.32
2.06
3.35
0.82
0.62
1522
700
3.09
2.78
3.91
0.41
0.52
1573
3,200
1.85...
Tamarisk Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis....
Tamarisk 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
& Disposal
Normal Profit
1320
2000
3.68
3.45
5.18
0.40
1.44
1333
1700
3.11
2.65
4.03
0.58
0.58
1426
1600
5.18
4.26
5.75
0.46
1.15
1437
1800
4.14
3.57
3.68
0.29
1.04
1510
1500
2.59
2.30
3.74
0.92
0.69
1522
1300
3.45
3.11
4.37
0.46
0.58
1573
3800
2.07...
Whispering Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis....
Whispering 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
1,800
$3.55
$3.33
$5.00
$0.39
$1.39
1333
1,500
3.00
2.55
3.89
0.56
0.56
1426
1,400
5.00
4.11
5.55
0.44
1.11
1437
1,600
4.00
3.44
3.55
0.28
1.00
1510
1,300
2.50
2.22
3.61
0.89
0.67
1522
1,100
3.33
3.00
4.22
0.44
0.56
1573
3,600
2.00...
Splish Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis....
Splish 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
$3.97
$3.72
$5.58
$0.43
$1.55
1333
1,300
3.35
2.85
4.34
0.62
0.62
1426
1,200
5.58
4.59
6.20
0.50
1.24
1437
1,400
4.46
3.84
3.97
0.31
1.12
1510
1,100
2.79
2.48
4.03
0.99
0.74
1522
900
3.72
3.35
4.71
0.50
0.62
1573
3,400
2.23...
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