Exercise 9-07 Your answer is incorrect. Try again. Bonita Company follows the practice of pricing its...

Exercise 9-07


	Your answer is incorrect. Try again.

Bonita 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	1,700	$3.49	$3.27	$4.91	$0.38	$1.36
1333	1,400	2.94	2.51	3.82	0.55	0.55
1426	1,300	4.91	4.03	5.45	0.44	1.09
1437	1,500	3.92	3.38	3.49	0.27	0.98
1510	1,200	2.45	2.18	3.54	0.87	0.65
1522	1,000	3.27	2.94	4.14	0.44	0.55
1573	3,500	1.96	1.74	2.73	0.82	0.55
1626	1,500	5.12	5.67	6.54	0.55	1.09

From the information above, determine the amount of Bonita Company inventory.

The amount of Bonita Company’s inventory

$enter the dollar amount of Bonita Company's inventory

Expert Solution

Item No.	Quantity	Cost per Unit	Cost to Replace	Estimated Selling Price	Cost of Completion and Disposal	Normal Profit	NRV	NRV less normal profit	Market	Lower of cost or market	Inventory value
1320	1700	3.49	3.27	4.91	0.38	1.36	4.53	3.17	3.27	3.27	5559.00
1333	1400	2.94	2.51	3.82	0.55	0.55	3.27	2.72	2.72	2.72	3808.00
1426	1300	4.91	4.03	5.45	0.44	1.09	5.01	3.92	4.03	4.03	5239.00
1437	1500	3.92	3.38	3.49	0.27	0.98	3.22	2.24	3.22	3.22	4830.00
1510	1200	2.45	2.18	3.54	0.87	0.65	2.67	2.02	2.18	2.18	2616.00
1522	1000	3.27	2.94	4.14	0.44	0.55	3.70	3.15	3.15	3.15	3150.00
1573	3500	1.96	1.74	2.73	0.82	0.55	1.91	1.36	1.74	1.74	6090.00
1626	1500	5.12	5.67	6.54	0.55	1.09	5.99	4.90	5.67	5.12	7680.00
										Total	38972.00
The amount of Bonita Company’s inventory $ 38972

ekkarill92 answered 1 year ago

Your answer is incorrect. Try again. Vaughn Company follows the practice of pricing its inventory at...

Your answer is incorrect. Try again. Vaughn 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 1,900 $3.68 $5.18 $1.84 1333 1,600 3.11 3.91 1.15 1426 1,500 5.18 5.75 1.61 1437 1,700 4.14 3.68 1.55 1510 1,400 2.59 3.74 1.61 1522 1,200 3.45 4.49 0.92 1573 3,700 2.07 2.88 1.38 1626 1,700 5.41 6.90 1.73 From the information above, determine...

Exercise 9-10 Incorrect answer. Your answer is incorrect. Try again. During 2017, Oriole Furniture Company purchases...

Exercise 9-10 Incorrect answer. Your answer is incorrect. Try again. During 2017, Oriole Furniture Company purchases a carload of wicker chairs. The manufacturer sells the chairs to Oriole for a lump sum of $60,700 because it is discontinuing manufacturing operations and wishes to dispose of its entire stock. Three types of chairs are included in the carload. The three types and the estimated selling price for each are listed below. Type No. of Chairs Estimated Selling Price Each Lounge chairs...

Exercise 9-07 Windsor Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an...

Exercise 9-07 Windsor 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...

Exercise 22-22 Incorrect answer. Your answer is incorrect. Try again. On January 1, 2017, Buffalo Co....

Exercise 22-22 Incorrect answer. Your answer is incorrect. Try again. On January 1, 2017, Buffalo Co. purchased 23,000 shares (a 10% interest) in Elton John Corp. for $1,510,000. At the time, the book value and the fair value of John’s net assets were $12,900,000. On July 1, 2018, Buffalo paid $2,760,000 for 46,000 additional shares of John common stock, which represented a 20% investment in John. The fair value of John’s identifiable assets net of liabilities was equal to their...

Exercise 16-24 Incorrect answer. Your answer is incorrect. Try again. The Martinez Corporation issued 10-year, $4,000,000...

Exercise 16-24 Incorrect answer. Your answer is incorrect. Try again. The Martinez Corporation issued 10-year, $4,000,000 par, 7% callable convertible subordinated debentures on January 2, 2017. The bonds have a par value of $1,000, with interest payable annually. The current conversion ratio is 13:1, and in 2 years it will increase to 17:1. At the date of issue, the bonds were sold at 98. Bond discount is amortized on a straight-line basis. Martinez’s effective tax was 35%. Net income in...

Brief Exercise 10-07 Your answer is partially correct. Try again. Sarasota Company obtained land by issuing...

Brief Exercise 10-07 Your answer is partially correct. Try again. Sarasota Company obtained land by issuing 3,400 shares of its $12 par value common stock. The land was recently appraised at $147,720. The common stock is actively traded at $42 per share. Prepare the journal entry to record the acquisition of the land. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and...

Exercise 12-11 Your answer is incorrect. Try again. Drake Corporation is reviewing an investment proposal. The...

Exercise 12-11 Your answer is incorrect. Try again. Drake Corporation is reviewing an investment proposal. The initial cost is $104,600. Estimates of the book value of the investment at the end of each year, the net cash flows for each year, and the net income for each year are presented in the schedule below. All cash flows are assumed to take place at the end of the year. The salvage value of the investment at the end of each year...

Exercise 11-07 Your answer is partially correct. Try again. Wildhorse Industries presents you with the following...

Exercise 11-07 Your answer is partially correct. Try again. Wildhorse Industries presents you with the following information. Complete the table for the year ended December 31, 2022. The company depreciates all assets using the half-year convention. (Round answers to 0 decimal places, e.g. 45,892.) Description Date Purchased Cost Salvage Value Life in Years Depreciation Method Accumulated Depreciation to 12/31/21 Depreciation for 2022 Machine A 2/12/20 $168,150 $18,880 10 (a) DDBSLSYD $39,353 (b) $ Machine B 8/15/19 (c) 24,780 5 SL...

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 per Unit Estimated Selling Price Cost to Complete and Sell 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...

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...

Question