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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A cognitive process in Jean Piaget's theory of cognitive development where new information or experiences are integrated into existing schemas or frameworks.

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