Part 1
Sweet 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
1,800
$3.65
$5.13
$1.82
1333
1,500
3.08
3.88
1.14
1426
1,400
5.13
5.70
1.60
1437
1,600
4.10
3.65
1.54
1510
1,300
2.57
3.71
1.60
1522
1,100
3.42
4.45
0.91
1573
3,600
2.05
2.85
1.37
1626
1,600
5.36
6.84
1.71
From the information above, determine the amount of Sweet Company inventory.
The amount of Sweet Company’s inventory. =$______
Part 2
Marin 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
1,500
$3.87
$3.63
$5.45
$0.42
$1.51
1333
1,200
3.27
2.78
4.24
0.61
0.61
1426
1,100
5.45
4.48
6.05
0.48
1.21
1437
1,300
4.36
3.75
3.87
0.30
1.09
1510
1,000
2.72
2.42
3.93
0.97
0.73
1522
800
3.63
3.27
4.60
0.48
0.61
1573
3,300
2.18
1.94
3.03
0.91
0.61
1626
1,300
5.69
6.29
7.26
0.61
1.21
From the information above, determine the amount of Marin Company inventory.
The amount of Marin Company’s inventory. $______
Part 3
Sunland Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is information for the month of May.
Inventory, May 1
$ 147,800
Purchases (gross)
637,400
Freight-in
31,000
Sales revenue
953,600
Sales returns
72,200
Purchase discounts
11,900
1. Compute the estimated inventory at May 31, assuming that the gross profit is 20% of net sales.
The estimated inventory at May 31
=$_____
2. Compute the estimated inventory at May 31, assuming that the gross profit is 20% of cost. (Round percentage of sales to 2 decimal places, e.g. 78.74% and final answer to 0 decimal places, e.g. 6,225.)
The estimated inventory at May 31
=$___
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