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Volgvan
3 years ago
8

Grouper Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis. Item

Quantity Cost Cost to Estimated Cost Of Normal NO. Per Replace Selling Completion Profit Unit Price and Disposal 1,320 1,500 $3.87 $3.63 $5.45 $0.421333 1,200 3.27 2.78 4.24 0.61 1426 1,100 5.45 4.48 6.05 0.48 1437 1,300 4.36 3.75 3.87 0.30 1510 1,000 2.72 2.42 3.93 0.97 1522 1,200 3.63 3.27 4.60 0.48 1573 3,300 2.18 1.94 3.03 0.91 1626 1,300 5.69 6.29 7.26 0.61 From the information above, determine the amount of Grouper Company inventory.
Business
1 answer:
zhuklara [117]3 years ago
7 0

Answer:

Normal profit was missing, so I looked for it:

Item   Q        Cost        Cost to    Estimated       Cost                Normal*  

No.                p/ unit     replace   selling price   of Completion  profit

                                                                            and Disposal

1320 1,500   $3.87       $3.63         $5.45           $0.42                $1.38

1333 1,200   $3.27       $2.78         $4.24            $0.61                $0.67

1426 1,100    $5.45       $4.48         $6.05          $0.48                 $0.47

1437 1,300    $4.36       $3.75         $3.87          $0.30                 $0.25

1510 1,000    $2.72       $2.42         $3.93          $0.97                  $1.18

1522 1,200   $3.63       $3.27         $4.60          $0.48                 $0.84

1573 3,300   $2.18        $1.94          $3.03          $0.91                 $0.93

1626 1,300   $5.69       $6.29          $7.26         $0.61                  $1.56

we have to first determine the ceiling NRV and floor NRV

Item     Cost to    Estimated       Cost                NRV           NRV

No.       replace   selling price   of Completion   ceiling        floor

                                                    and Disposal

1320   $3.63         $5.45             $0.42                 $5.03        $3.65

1333   $2.78         $4.24              $0.61                 $3.63         $2.96

1426   $4.48         $6.05             $0.48                 $5.57         $5.10

1437    $3.75         $3.87             $0.30                 $3.57         $3.32

1510    $2.42         $3.93             $0.97                 $2.96         $1.78

1522   $3.27         $4.60             $0.48                  $4.12         $3.28

1573    $1.94          $3.03             $0.91                  $2.12          $1.19

1626   $6.29          $7.26             $0.61                 $6.65         $5.09

we have to determine the market value:

Item     Cost to    NRV           NRV           Market value

No.       replace   ceiling        floor           (middle of the 3)

1320   $3.63        $5.03        $3.65             $3.63

1333   $2.78         $3.63         $2.96            $2.96

1426   $4.48         $5.57         $5.10            $5.10

1437    $3.75         $3.57         $3.32           $3.57

1510    $2.42         $2.96         $1.78            $2.42

1522   $3.27         $4.12         $3.28            $3.28

1573    $1.94          $2.12          $1.19            $1.94

1626   $6.29         $6.65         $5.09          $6.29

Item     Market value       Cost              Quantity           Inventory

No.                                    per unit                                  value

1320      <u>$3.63</u>                   $3.87           1,500                 $5,445

1333      <u>$2.96</u>                   $3.27           1,200                 $3,552

1426       <u>$5.10</u>                   $5.45           1,100                 $5,610

1437       <u>$3.57</u>                   $4.36           1,300                 $4,641

1510       <u>$2.42</u>                   $2.72           1,000                 $2,420

1522      <u>$3.28</u>                   $3.63           1,200                 $3,939

1573       <u>$1.94</u>                    $2.18           3,300                 $6,402

1626      $6.29                   <u>$5.69</u>           1,300                 $7,397

total                                                                                   $39,406

               

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