Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Pharoah 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

Pharoah 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 1,300 $3.23 $3.03 $4.55 $0.35 $1.26
1333 1,000 2.73 2.32 3.54 0.51 0.51
1426 900 4.55 3.74 5.05 0.40 1.01
1437 1,100 3.64 3.13 3.23 0.25 0.91
1510 800 2.27 2.02 3.28 0.81 0.61
1522 600 3.03 2.73 3.84 0.40 0.51
1573 3,100 1.82 1.62 2.53 0.76 0.51
1626 1,100 4.75 5.25 6.06 0.51 1.01
From the information above, determine the amount of Pharoah Company inventory.
The amount of Pharoah Companys inventory: ???

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting Objective Questions And Explanations

Authors: Irvin N. Gleim

7th Edition

0917539664, 978-0917539664

More Books

Students also viewed these Accounting questions

Question

(4) How many experiments will be run in this example? Pg45

Answered: 1 week ago