Sunshine Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis. Instructions
Question:
Sunshine Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis.
Instructions
From the information above, determine the amount of Sunshine Companyinventory.
Transcribed Image Text:
Item No. Quantity per Unit Replace Selling Price and Disposal 1,200 600 200 700 1,000 500 2,000 300 $8.10 6.00 5.50 7.25 2.10 4.05 8.75 9.95 Cost Cost to Estimated Cost of Completion Normal Profit $0.90 0.50 1.00 0.90 0.20 0.75 0.50 1.00 $8.00 5.60 5.00 7.50 2.00 4.00 8.15 9.00 $9.00 6.00 7.00 8.00 2.80 5.00 9.00 10.50 $0.35 0.45 0.40 0.50 0.65 0.40 0.60 0.30
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 57% (14 reviews)
900 35 865 865 090 775 Cost is used because it is low...View the full answer
Answered By
Sandip Agarwal
I have an experience of over 4 years in tutoring. I have solved more than 2100 assignments and I am comfortable with all levels of writing and referencing.
4.70+
19+ Reviews
29+ Question Solved
Related Book For
Intermediate Accounting
ISBN: 978-1118147290
15th edition
Authors: Donald E. Kieso, Jerry J. Weygandt, and Terry D. Warfield
Question Posted:
Students also viewed these Accounting questions
-
(LCNRV): Sedato Com. 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 1200...
-
Wangerin Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis. Instructions From the information above, determine the amount of Wangerin...
-
Sedato Company follows the practice of pricing its inventory at LCNRV, on an individual-item basis. Instructions From the information above, determine the amount of Sedato Company inventory....
-
A New York Times editorial argued that college students are taken advantage of by credit card companies: The credit card industry has made a profitable art of corralling consumers into ruinous...
-
To move a spot of a cathode-ray tube across the screen requires a linear increase in the voltage across the deflection plates, as shown in Fig. 7.151. Given that the capacitance of the plates is 4...
-
In Problem use Theorem 2 to find the local extrema. f(x, y) = -x 2 + 2xy - 2y 2 - 20x + 34y + 40 THEOREM 2 Second-Derivative Test for Local Extrema If 1. z = f(x, y) 2. fx(a, b) = 0 and f(a, b) = 0...
-
Is deferred tax arising from an NOL carryforward classified as current or noncurrent?
-
Donald Chin works for Northwest Supplies. His rate of pay is $8.50 per hour, and he is paid 1 times the regular rate for all hours worked in excess of 40 per week. During the last week of January of...
-
Emphasize your answers 1.analyze the business element guideline of the bookkeeping structure for any firm 2.what job is played by the Accounting time frame show? 3.for how long sensibly can a firm...
-
The Robinsons are planning a wedding and reception for their daughter, Rachel. Some of the most expensive items served at the reception and dinner are wine and beer. The Robinsons are planning on 200...
-
Wolfe Company uses the lower-of-cost-or-market method, on an individual-item basis, in pricing its inventory items. The inventory at December 31, 2014, consists of products D, E, F, G, H, and I....
-
Yousuf Company began operations in 2013 and determined its ending inventory at cost and at lower-of-cost-or-market at December 31, 2013, and December 31, 2014. This information is presented below....
-
Provide a users requirements specification for each of these user views.
-
Glycolysis is a near-universal pathway for glucose catabolism and the generation of metabolic energy in both prokaryotic and eukaryotic cells under aerobic and anaerobic conditions. Discuss all of...
-
Calculate the following derivative if f(x) = 5e* - x. (Use symbolic notation and fractions where needed.) () (-5)= -5 5e +30 Incorrect
-
Jaguar Plastics Company has been operating for three years. At December 31 of last year, the accounting records reflected the following: Cash $20,000 Accounts payable $20,000 Investments (short-term)...
-
A car has wheels with a 1 0 inch radius. If each wheel's rate of turn is 3 revolutions per second, find the angular speed in units of radians / second .
-
A parked police car takes off after a suspect and reaches 7 7 . 5 km / h East in 9 . 4 0 seconds. What is the average acceleration ( m / s ^ 2 ) of the car?
-
In Freedonia, Mrs. Clark earns $50,000 and pays $20,000 in taxes. Mrs. Smith, her neighbor, earns $100,000 and pays $30,000 in taxes. Is Freedonias tax system progressive, regressive, or proportional?
-
Gopher, Inc. developing its upcoming budgeted Costs of Quality (COQ) with the following information: Expense Item Budget Raw Materials Inspection $ 15,000 EPA Fine 200,000 Design Engineering 15,000...
-
In which way can an assignment problem be defined? a. a special case of a transportation problem b. a problem where all variables are either 0 or 1 c. a problem where all RHS values are equal to 1 d....
-
Liability Errors you are the independent auditor engaged to audit Millay Corporations December 31, 2010, financial statements. Millay manufactures household appliances. During the course of your...
-
Warranty and Coupon Computation Schmitt Company must make computations and adjusting entries for the following independent situations at December 31, 2011. 1. Its line of amplifiers carries a 3-year...
-
Nature of Liabilities Presented below is the current liabilities section of Micro Corporation. Answer the following questions. (a) What are the essential characteristics that make an item a...
-
The following adjusted trial balance at December 31 of WilsonTrucking Company. Account Title Cash Accounts receivable Officesupplies Trucks Accumulated depreciation-Trucks Land Accountspayable Inte 2...
-
Trey Monson starts a merchandising business on December 1 andenters into the following three inventory purchases. Monson uses aperpetual inventory system. Also, on December 15, Monson sells 26units 2...
-
Worley Company buys surgical supplies from a variety of manufacturers and then resells and delivers these supplies to hundreds of hospitals. Worley sets its prices for all hospitals by marking up its...
Study smarter with the SolutionInn App