Sunland 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 1,700 $3.62 $5.09 $1.81 1333 1,400 3.05 3.84 1.13 1426 1,300 5.09 5.65 1.58 1437 1,500 4.07 3.62 1.53 1510 1,200 2.54 3.67 1.58 1522 1,000 3.39 4.41 0.90 1573 3,500 2.03 2.83 1.36 1626 1,500 5.31 6.78 1.70 From the information above, determine the amount of Sunland Company inventory
Sunland 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 1,700 $3.62 $5.09 $1.81 1333 1,400 3.05 3.84 1.13 1426 1,300 5.09 5.65 1.58 1437 1,500 4.07 3.62 1.53 1510 1,200 2.54 3.67 1.58 1522 1,000 3.39 4.41 0.90 1573 3,500 2.03 2.83 1.36 1626 1,500 5.31 6.78 1.70 From the information above, determine the amount of Sunland Company inventory
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter8: Inventories: Special Valuation Issues
Section: Chapter Questions
Problem 2RE: Black Corporation uses the LIFO cost flow assumption. Each unit of its inventory has a net...
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Sunland 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
|
1,700 | $3.62 | $5.09 | $1.81 | ||||
1333
|
1,400 | 3.05 | 3.84 | 1.13 | ||||
1426
|
1,300 | 5.09 | 5.65 | 1.58 | ||||
1437
|
1,500 | 4.07 | 3.62 | 1.53 | ||||
1510
|
1,200 | 2.54 | 3.67 | 1.58 | ||||
1522
|
1,000 | 3.39 | 4.41 | 0.90 | ||||
1573
|
3,500 | 2.03 | 2.83 | 1.36 | ||||
1626
|
1,500 | 5.31 | 6.78 | 1.70 |
From the information above, determine the amount of Sunland Company inventory.
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