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 1.98 3.10 0.93 0.62 1626 1,400 5.83 6.45 7.44 0.62 1.24 From the information above, determine the amount of Splish Company inventory. The amount of Splish Company’s inventory
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 1.98 3.10 0.93 0.62 1626 1,400 5.83 6.45 7.44 0.62 1.24 From the information above, determine the amount of Splish Company inventory. The amount of Splish Company’s inventory
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter13: Accounting For Merchandise Inventory
Section: Chapter Questions
Problem 4CE: Kulsrud Company would like to estimate the current inventory level. Using the gross profit method...
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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 | 1.98 | 3.10 | 0.93 | 0.62 | ||||||||||||
1626
|
1,400 | 5.83 | 6.45 | 7.44 | 0.62 | 1.24 |
From the information above, determine the amount of Splish Company inventory.
The amount of Splish Company’s inventory |
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