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.

Question

03-07-2020
Business

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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.

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jepessoa jepessoa · Answer 1 · 2020-07-08T04:38:09+02:00

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 $3.63 $3.87 1,500 $5,445

1333 $2.96 $3.27 1,200 $3,552

1426 $5.10 $5.45 1,100 $5,610

1437 $3.57 $4.36 1,300 $4,641

1510 $2.42 $2.72 1,000 $2,420

1522 $3.28 $3.63 1,200 $3,939

1573 $1.94 $2.18 3,300 $6,402

1626 $6.29 $5.69 1,300 $7,397

total $39,406