Question
In: Accounting
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 |
Estimated |
Cost to Complete |
||||
| 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.
| The amount of Larkspur Company’s inventory |
Solutions
Expert Solution
The amount of Larkspur Company’s inventory= $29,643
Working
| Item | Quantity | Cost per unit | Estimated selling price (A) | Cost to complete and sell (B) | Realizable value (A-B) | Total cost | Total realizable value | Lower of cost or realizable value |
| 1320 | 1,300 | $ 4.00 | $ 5.63 | $ 2.00 | $ 3.63 | 5,200.00 | 4,719.00 | 4,719.00 |
| 1333 | 1,000 | $ 3.38 | $ 4.25 | $ 1.25 | $ 3.00 | 3,380.00 | 3,000.00 | 3,000.00 |
| 1426 | 900 | $ 5.63 | $ 6.25 | $ 1.75 | $ 4.50 | 5,067.00 | 4,050.00 | 4,050.00 |
| 1437 | 1,100 | $ 4.50 | $ 4.00 | $ 1.69 | $ 2.31 | 4,950.00 | 2,541.00 | 2,541.00 |
| 1510 | 800 | $ 2.81 | $ 4.06 | $ 1.75 | $ 2.31 | 2,248.00 | 1,848.00 | 1,848.00 |
| 1522 | 600 | $ 3.75 | $ 4.88 | $ 1.00 | $ 3.88 | 2,250.00 | 2,328.00 | 2,250.00 |
| 1573 | 3,100 | $ 2.25 | $ 3.13 | $ 1.50 | $ 1.63 | 6,975.00 | 5,053.00 | 5,053.00 |
| 1626 | 1,100 | $ 5.88 | $ 7.50 | $ 1.88 | $ 5.62 | 6,468.00 | 6,182.00 | 6,182.00 |
| 29,643.00 |
ekkarill92 answered 1 year agoRelated Solutions
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Item No.
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Exercise 9-03
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1320 1,800 $3.90 $5.49 $1.95 1333 1,500 3.29 4.15 1.22 1426 1,400
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Item F
Item G
Item H
Item I
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$103
$97
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81
86
86
86
54
39
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32
27
38
32
32
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Item No.
Quantity
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1320
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800
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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
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5.40
0.43
1.08
1437
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3.89
3.35
3.46
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1,100
2.43
2.16
3.51
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0.65
1522
900
3.24
2.92
4.10
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0.54
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the lower-of-cost-or-market, on an individual-item basis.
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Cost to Replace
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