The Following Tabulation Gives Data Pertinent to the Inventory Valuation

question 140

Essay

The following tabulation gives data pertinent to the inventory valuation of five different items of raw material.For each item,compute a) unit net realizable value,b)"market," and c) unit inventory value under lower-of-cost-or-market.Normal profit in each instance is 10 percent of selling price. $\begin{array}{l}\begin{array}{|l|r|r|r|r|}\hline&\text { Items }\\\hline &\mathrm{A} & \mathrm{B} & \mathrm{C} & \mathrm{D} \\\hline \text {Cost.}&\$ 13 & \$ 76 & \$ 16 & \$ 35 \\ \text { Selling price.}&20 & 80 & 17 & 50 \\ \text { Replacement cost.}&14 & 70 & 15 & 32 \\ \text {Estimated cost to complete and sell }&4 & 6 & 3 & 10 \\\hline\end{array}\end{array}$ $\text { (a) Unit realizable value (net)\quad---\quad---\quad---\quad--- }$ $\text { (b) Market. \quad---\quad---\quad---\quad---}$ (c) Unit inventory value under $\text { lower-of-cost-or-market\quad---\quad---\quad---\quad--- }$

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Definitions:

General Population

The total group of individuals in a demographic area or of a particular demographic characteristic.

Percent

A part or other object per hundred, used in calculations to express proportions, fractions, or percentages.

Genes

Sequences of DNA or RNA that are located on chromosomes and that encode the instructions for synthesizing proteins, playing a crucial role in determining hereditary traits.

Genetic Test

A laboratory technique used to identify changes in chromosomes, genes, or proteins, aiding in the diagnosis or prediction of genetic disorders.