(Answered) Question - flounder company follows the practice of pricing

Accounting

Question - Flounder 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
Item No.	Quantity	Cost per Unit	Estimated Selling Price	Cost to Complete and Sell
1320	1,300	$4.00	$5.63	$2.00
1333	1,000	3.38	4.25	1.25
1426	900	5.63	6.25	1.75
1437	1,100	4.5	4	1.69
1510	800	2.81	4.06	1.75
1522	600	3.75	4.88	1
1573	3,100	2.25	3.13	1.5
1626	1,100	5.88	7.5	1.88

From the information above, determine the amount of Flounder Company inventory.

View complete question

Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92558093
Price:- $25

Verified Expert

Priced at $50 Now at $25, Verified Solution

Have any Question?Write your Review or question?

Related Questions in Accounting Basics

Question - prepare bank reconciliation and related

Question - Prepare bank reconciliation and related entries On October 31, 2017, Lisik Company had a cash balance per books of $8,946. The bank statement on that date showed a balance of $10,155. A comparison of the state ...

Question assignmen t descriptionclassroom discussion

Question: Assignmen t Description Classroom discussion requires the active participation of students and the instructor to create robust interaction and dialogue. Every student is expected to engage in dialogue by partic ...

Assessment - portfolio group cvp and budget reportinvestors

Assessment - Portfolio: Group CVP and Budget Report Investors and creditors frequently use CVP Analysis to screen business plans by evaluating a firm's cost structure and sales volume needed to generate profit. Suppose y ...

Accounting question - a comparative balance sheet for

Accounting Question - A comparative balance sheet for Halper Corporation appears on the next page, and the statement of cash flows form follows. Explain below, why you must convert from an accrual basis of accounting to ...

Question - the following information relates to rem corps

Question - The following information relates to Rem Corp's accounts receivable for 2015: Accounts receivable, 1/1/15 $ 500,000 Credit sales for 2015 2,000,000 Sales returns for 2015 60,000 Accounts written off during 201 ...

Question - how would the firm determine the cost

Question - How would the firm determine the cost effectiveness of purchasing the long term assets used by the firm over an extended period of time?

Question - assume the following is the stockholders equity

Question - Assume the following is the stockholders' equity section of the 2016 Merck & Co., Inc., balance sheet. Stockholders' Equity ($ millions 2016 Common stock, one cent par value; Authorized-5,400,000,000 shares; I ...

Question - horngrens financial amp managerial accountingthe

Question - HORNGREN'S Financial & Managerial Accounting The income statement of Supplements Plus, Inc. follows: SUPPLEMENTS PLUS, INC. Income Statement Year Ended September 30, 2016 Sales Revenue $ 234,000 Cost of Goods ...

Question - on january 2 2017 the first year of operations

Question - On January 2, 2017 the first year of operations, Alpha Corp issued 15,000 shares of $10 par value common stock for $15 per share. On july 1, 2017 Alpha Corp 1,000 of these shares were reacquired for $20 each. ...

Question - henry company manufactures two types of office

Question - Henry Company manufactures two types of office chairs, Model A and Model B. It estimates the following results for next year. Model A Model B Sales Revenue $450,000 $50,000 Variable Expenses (total): $140,00 ...

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Accounting Basics Expert