Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Skysong 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

Skysong 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 1,500 $3.55 $5.00 $1.78
1333 1,200 3.00 3.77 1.11
1426 1,100 5.00 5.55 1.55
1437 1,300 4.00 3.55 1.50
1510 1,000 2.50 3.61 1.55
1522 800 3.33 4.33 0.89
1573 3,300 2.00 2.78 1.33
1626 1,300 5.22 6.66 1.67

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

The amount of Skysong Companys inventor

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

Step: 3

blur-text-image

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

Auditing Principles

Authors: Howard F. Stettler

3rd Edition

0130521183, 9780130521187

More Books

Students also viewed these Accounting questions