Question

Stellar Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis....

Stellar 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 1.62 2.53 0.76 0.51 1626 1,100 4.75 5.25 6.06 0.51 1.01 From the information above, determine the amount of Stellar Company inventory. The amount of Stellar Company’s inventory $____

Homework Answers

Answer #1

Answer- The amount of Stellar Company inventory = $28648.

Explanation-

Statement of Inventory using Lower of cost or market
Item No. Units Cost per unit $ Estimated Selling price $ (a) Cost to complete & Sell (b) Net Relizable value (c=a-b) Lower of cost or Net realizable value Value of Inventory $ Remark (Valued at)
1320 1300 3.23 4.55 0.35 4.20 3.23 4199 Cost price
1333 1000 2.73 3.54 0.51 3.03 2.73 2730 Cost price
1426 900 4.55 5.05 0.40 4.65 4.55 4095 Cost price
1437 1100 3.64 3.23 0.25 2.98 2.98 3278 Net Realizable
1510 800 2.27 3.28 0.81 2.47 2.27 1816 Cost price
1522 600 3.03 3.84 0.40 3.44 3.03 1818 Cost price
1573 3100 1.82 2.53 0.76 1.77 1.77 5487 Net Realizable
1626 1100 4.75 6.06 0.51 5.55 4.75 5225 Cost price
Total 28648
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
9-07 Crane Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item...
9-07 Crane 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...
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 1,300 $3.26 $3.06 $4.59 $0.36 $1.28 1333 1,000 2.75 2.35 3.57 0.51 0.51 1426 900 4.59 3.77 5.10 0.41 1.02 1437 1,100 3.67 3.16 3.26 0.26 0.92 1510 800 2.30 2.04 3.32 0.82 0.61 1522 600 3.06 2.75 3.88 0.41 0.51 1573 3,100 1.84...
Bridgeport Company follows the practice of pricing its inventory at LCNRV, on an individual-item basis. Item...
Bridgeport 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 $3.49 $4.91 $1.74 1333 1,000 2.94 3.71 1.09 1426 900 4.91 5.45 1.53 1437 1,100 3.92 3.49 1.47 1510 800 2.45 3.54 1.53 1522 600 3.27 4.25 0.87 1573 3,100 1.96 2.73 1.31 1626 1,100 5.12 6.54 1.64 From the information above, determine the amount of Bridgeport Company inventory....
Bridgeport Company follows the practice of pricing its inventory at LCNRV, on an individual-item basis. Item...
Bridgeport 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 $3.49 $4.91 $1.74 1333 1,000 2.94 3.71 1.09 1426 900 4.91 5.45 1.53 1437 1,100 3.92 3.49 1.47 1510 800 2.45 3.54 1.53 1522 600 3.27 4.25 0.87 1573 3,100 1.96 2.73 1.31 1626 1,100 5.12 6.54 1.64 From the information above, determine the amount of Bridgeport Company inventory....
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...
Pronghorn Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis....
Pronghorn 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...
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 and Disposal Normal Profit 1320 2,000 $3.71 $3.48 $5.22 $0.41 $1.45 1333 1,700 3.13 2.67 4.06 0.58 0.58 1426 1,600 5.22 4.29 5.80 0.46 1.16 1437 1,800 4.18 3.60 3.71 0.29 1.04 1510 1,500 2.61 2.32 3.77 0.93 0.70 1522 1,300 3.48 3.13 4.41 0.46 0.58 1573 3,800 2.09...
Wildhorse Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis....
Wildhorse 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 $3.78 $3.54 $5.31 $0.41 $1.48 1333 1,000 3.19 2.71 4.13 0.59 0.59 1426 900 5.31 4.37 5.90 0.47 1.18 1437 1,100 4.25 3.66 3.78 0.30 1.06 1510 800 2.66 2.36 3.84 0.94 0.71 1522 600 3.54 3.19 4.48 0.47 0.59 1573 3,100 2.12...
Wildhorse Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis....
Wildhorse 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...
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...