Wangerin 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 01320 1,2000 $3.20000 $3.00000 $4.50000000 $0.3500000000 $1.25000 01333 9000 2.70000 2.30000 3.50000000 0.5000000000 0.50000 01426 8000 4.50000 3.70000 5.00000000 0.4000000000 1.00000 01437 1,0000 3.60000 3.10000 3.20000000 0.2500000000 0.90000 01510 7000 2.25000 2.00000 3.25000000 0.8000000000 0.60000 01522 5000 3.00000 2.70000 3.80000000 0.4000000000 0.50000 01573 3,0000 1.80000 1.60000 2.50000000 0.7500000000 0.50000 01626 1,0000 4.70000 5.20000 6.00000000 0.5000000000 1.00000 Instructions From the information above, determine the amount of Wangerin Company inventory.
Wangerin 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 01320 1,2000 $3.20000 $3.00000 $4.50000000 $0.3500000000 $1.25000 01333 9000 2.70000 2.30000 3.50000000 0.5000000000 0.50000 01426 8000 4.50000 3.70000 5.00000000 0.4000000000 1.00000 01437 1,0000 3.60000 3.10000 3.20000000 0.2500000000 0.90000 01510 7000 2.25000 2.00000 3.25000000 0.8000000000 0.60000 01522 5000 3.00000 2.70000 3.80000000 0.4000000000 0.50000 01573 3,0000 1.80000 1.60000 2.50000000 0.7500000000 0.50000 01626 1,0000 4.70000 5.20000 6.00000000 0.5000000000 1.00000 Instructions From the information above, determine the amount of Wangerin Company inventory.
Corporate Financial Accounting
15th Edition
ISBN:9781337398169
Author:Carl Warren, Jeff Jones
Publisher:Carl Warren, Jeff Jones
Chapter6: Inventories
Section: Chapter Questions
Problem 7DQ: Using the following data, how should the inventory be valued under lower of cost or market? Original...
Related questions
Question
Wangerin 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
|
01320 |
1,2000
|
$3.20000
|
$3.00000
|
$4.50000000
|
$0.3500000000
|
$1.25000
|
01333 |
9000
|
2.70000
|
2.30000
|
3.50000000
|
0.5000000000
|
0.50000
|
01426 |
8000
|
4.50000
|
3.70000
|
5.00000000
|
0.4000000000
|
1.00000
|
01437 |
1,0000
|
3.60000
|
3.10000
|
3.20000000
|
0.2500000000
|
0.90000
|
01510 |
7000
|
2.25000
|
2.00000
|
3.25000000
|
0.8000000000
|
0.60000
|
01522 |
5000
|
3.00000
|
2.70000
|
3.80000000
|
0.4000000000
|
0.50000
|
01573 |
3,0000
|
1.80000
|
1.60000
|
2.50000000
|
0.7500000000
|
0.50000
|
01626 |
1,0000
|
4.70000
|
5.20000
|
6.00000000
|
0.5000000000
|
1.00000
|
Instructions
From the information above, determine the amount of Wangerin Company inventory.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Corporate Financial Accounting
Accounting
ISBN:
9781337398169
Author:
Carl Warren, Jeff Jones
Publisher:
Cengage Learning
Financial & Managerial Accounting
Accounting
ISBN:
9781337119207
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Corporate Financial Accounting
Accounting
ISBN:
9781305653535
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Corporate Financial Accounting
Accounting
ISBN:
9781337398169
Author:
Carl Warren, Jeff Jones
Publisher:
Cengage Learning
Financial & Managerial Accounting
Accounting
ISBN:
9781337119207
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Corporate Financial Accounting
Accounting
ISBN:
9781305653535
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Financial & Managerial Accounting
Accounting
ISBN:
9781285866307
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning