ncom: Suits Sea | ? Graded WP HW #7 (Ch 9) r WileyPLUS B https//edugen.wileyplus

Question

ncom: Suits Sea | ? Graded WP HW #7 (Ch 9) r WileyPLUS B https//edugen.wileyplus.com/edugen/lt/mainuni Kieso, Intermediate Accounting, 16e Help I Sxstem.Announcements Question 1 Crane Company follows the präctice of pricing its inventory at LCNRV, on an individual-item basis. Estimated Selling Price Cost to Complete and Sell Cost Item No. Quantity per Unit $1.63 1.02 1.43 1320 1333 1426 1437 1510 1522 1573 1626 1,400 1,100 1,000 1,200 900 700 3,200 1,200 $3.26 2.75 4.59 3.67 $4.59 3.47 5,10 3.26 3.32 3.98 2.55 6.12 3.06 1.84 4.79 From the information above, determine the amount of Crane Company inventory. 1.43 0.82 1.22 1.53 The amount of Crane Company's inventory s n/eduger/shared/assignment/test/aglist.uni?id-asnmt2169094NN10019 to search

Explanation / Answer

Under LCNRV rule , inventory is valued at lower of cost or net realisable value. Item No. Quantity Cost per unit Estimated Selling Price Cost to complete and sell Net Realisable value (NRV) Value of inventory per unit (lower of C and G) Total Value of Inventory A B C D E G = D-E H B * H 1320 1400 $3.26 $4.59 $1.63 $2.96 $2.96 $4,144.00 1333 1100 $2.75 $3.47 $1.02 $2.45 $2.45 $2,695.00 1426 1000 $4.59 $5.10 $1.43 $3.67 $3.67 $3,670.00 1437 1200 $3.67 $3.26 $1.38 $1.88 $1.88 $2,256.00 1510 900 $2.30 $3.32 $1.43 $1.89 $1.89 $1,701.00 1522 700 $3.06 $3.98 $0.82 $3.16 $3.06 $2,142.00 1573 3200 $1.84 $2.55 $1.22 $1.33 $1.33 $4,256.00 1626 1200 $4.79 $6.12 $1.53 $4.59 $4.59 $5,508.00 The amount of Crane Company's Inventory $26,372.00

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