Exercise 9-3 Pina Company follows the practice of pricing its inventory at LCNRV
ID: 2570741 • Letter: E
Question
Exercise 9-3 Pina Company follows the practice of pricing its inventory at LCNRV, on an individual-item basis. Cost per Unit Estimated Selling Price Cost to Complete and Sell Item No 1320 1333 1426 1437 1510 1522 1573 1626 Quantity 1,500 1,200 1,100 1,300 1,000 800 3,300 1,300 $3.30 2.78 4.64 3.71 2.32 3.09 1.85 4.84 $4.64 3.50 5.15 3.30 3.35 4.02 2.58 6.18 $1.65 1.03 1.44 1.39 1.44 0.82 1.24 1.55 From the information above, determine the amount of Pina Company inventory The amount of Pina Company's inventoryExplanation / Answer
PINA COMPANY CALCULATION OF INVENTORY VALUE ON THE BASIS OF LOWER OF COST OR NET REALIABLE VALUE WHICHEVER IS LESS Sr. No. Item No. Quantity Cost Per Unit Estimated Selling Price Cost to completed and sell Net Realizable Value Lower of Cost or net realizable Value 1 1320 1,500 $ 3.30 $ 4.64 1.65 $ 2.99 $ 2.99 2 1333 1,200 $ 2.78 $ 3.50 1.03 $ 2.47 $ 2.47 3 1426 1,100 $ 4.64 $ 5.15 1.44 $ 3.71 $ 3.71 4 1437 1,300 $ 3.71 $ 3.30 1.39 $ 1.91 $ 1.91 5 1510 1,000 $ 2.32 $ 3.35 1.44 $ 1.91 $ 1.91 6 1522 800 $ 3.09 $ 4.02 0.82 $ 3.20 $ 3.09 7 1573 3,300 $ 1.85 $ 2.58 1.24 $ 1.34 $ 1.34 8 1626 1,300 $ 4.84 $ 6.18 1.55 $ 4.63 $ 4.63 $ 22.05 The Amount of Pina ccompany's Inventory = $ 22.05
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