Oriole 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 Profit1320 1,400 $3.84 $3.60 $5.40 $0.42 $1.50 1333 1,100 3.24 2.76 4.20 0.60 0.60 1426 1,000 5.40 4.44 6.00 0.48 1.20 1437 1,200 4.32 3.72 3.84 0.30 1.08 1510 900 2.70 2.40 3.90 0.96 0.72 1522 700 3.60 3.24 4.56 0.48 0.60 1573 3,200 2.16 1.92 3.00 0.90 0.60 1626 1,200 5.64 6.24 7.20 0.60 1.20 From the information above, determine the amount of Oriole Company inventory.The amount of Oriole Company’s inventory Current Attempt in ProgressOriole Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on anindividual-item basis.EstimatedCost ofItemCostCost toSellingCompletion andDisposalNormalNo.Quantityper UnitReplacePriceProfit13201,400$3.84$3.60$5.40$0.42$1.5013331,1003.242.764.200.600.6014261,0005.404.446.000.481.2014371,2004.323.723.840.301.0815109002.702.403.900.960.7215227003.603.244.560.480.6015733,2002.161.923.000.900.6016261,2005.646.247.200.601.20From the information above, determine the amount of Oriole Company inventory.The amount of Oriole Company's inventory$

According to the lower-of-cost or market, the company should report the inventory based on cost or…

Answered: Oriole Company follows the practice of…

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 13E: Retail Inventory Method The following information relates to the retail inventory method used by...

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Oriole 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	1,400		$3.84		$3.60		$5.40		$0.42	$1.50
1333	1,100		3.24		2.76		4.20		0.60	0.60
1426	1,000		5.40		4.44		6.00		0.48	1.20
1437	1,200		4.32		3.72		3.84		0.30	1.08
1510	900		2.70		2.40		3.90		0.96	0.72
1522	700		3.60		3.24		4.56		0.48	0.60
1573	3,200		2.16		1.92		3.00		0.90	0.60
1626	1,200		5.64		6.24		7.20		0.60	1.20

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

The amount of Oriole Company’s inventory

Current Attempt in Progress
Oriole Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an
individual-item basis.
Estimated
Cost of
Item
Cost
Cost to
Selling
Completion and
Disposal
Normal
No.
Quantity
per Unit
Replace
Price
Profit
1320
1,400
$3.84
$3.60
$5.40
$0.42
$1.50
1333
1,100
3.24
2.76
4.20
0.60
0.60
1426
1,000
5.40
4.44
6.00
0.48
1.20
1437
1,200
4.32
3.72
3.84
0.30
1.08
1510
900
2.70
2.40
3.90
0.96
0.72
1522
700
3.60
3.24
4.56
0.48
0.60
1573
3,200
2.16
1.92
3.00
0.90
0.60
1626
1,200
5.64
6.24
7.20
0.60
1.20
From the information above, determine the amount of Oriole Company inventory.
The amount of Oriole Company's inventory
$

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