1)

2)

Wildhorse Legler requires an estimate of the cost of goods lost by fire on March 9. Merchandise on hand on January 1 was $47,120. Purchases since January 1 were $89,280; freight-in, $4,216; purchase returns and allowances, $2,976. Sales are made at 33 ¹/₃% above cost and totaled $147,000 to March 9. Goods costing $13,516 were left undamaged by the fire; remaining goods were destroyed.

A) Compute Cost of Goods destroyed:

B) Compute Cost of Goods destroyed, assuming that gross profit is 33 ¹/₃% of sales:

3)

The inventory of Nash Company on December 31, 2020, consists of the following items. Part Quantity Cost per Unit $98.00 110 600 Net Realizable Value $103.00 54.00 78.00 111 920 61.80 112 490 82.40 175.10 113 220 185.40 120 360 214.00 211.00 16.00 121 2 1.500 1.00 122 320 247.20 242.00 Part No. 121 is obsolete and has a realizable value of $ 1.00 each as scrap. (a) Determine the inventory as of December 31, 2020, by the LCNRV method, applying this method to each item. Inventory as of December 31, 2020 $ (b) Determine the inventory by the LCNRV method, applying the method to the total of the inventory. Inventory as of December 31, 2020 $ Current Attempt in Progress Kingbird Company manufactures desks. Most of the company's desks are standard models and are sold on the basis of catalog prices. At December 31, 2020, the following finished desks (10 desks in each category) appear in the company's inventory. A A B D $50 $53 $100 $ 117 Finished Desks 2020 catalog selling price FIFO cost per inventory list 12/31/20 Estimated cost to complete and sell 2021 catalog selling price 52 50 92 107 6 12 29 22 56 60 100 133 The 2020 catalog was in effect through November 2020, and the 2021 catalog is effective as of December 1, catalog prices are net of the usual discounts. At what amount should each of the four desks appear in the company's December 31, 2020, inventory, assuming that the company has adopted a lower-of-FIFO-cost-or-net realizable value (LCNRV) approach for valuation of inventories on an individual-item basis? Item A $ $ Item B $ Item C $ Item D $