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# Uop Acc 422 Week 3 Wileyplus Assignment

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ACC 422 Week 3 WileyPLUS Assignment

|Exercise 9-1 |
|              |

The inventory of Oheto Company on December 31, 2013, consists of the following items.

|Part No.     | |Quantity       | |Cost per Unit         | |Cost to Replace per Unit                 |
|110         | | |620           | |\$126                   | |\$133                                     |
|111         | | |1,140         | |80                     | |69                                       |
|112         | | |580           | |106                   | |101                                       |
|113         | | |230           | |226                   | |239                                       |
|120         | | |450           | |273                   | |277                                       |
|121         | | |1,650         | |21                     | |19                                       |
|122         | | |330           | |319                   | |313                                       |

Part No. 121 is obsolete and has a realizable value of \$0.7 each as scrap.

(a) Determine the inventory as of December 31, 2013, by the lower-of-cost-or-market method, applying this method directly to each item.

(b) Determine the inventory by the lower-of-cost-or-market method, applying the method to the total of the inventory.

|Exercise 9-12 |
|              |

Astaire Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is information for the month of May.

|Inventory, May 1                                   | |\$ 171,000               |
|Purchases (gross)                                 | |655,400                 |
|Freight-in                                         | |31,400                   |
|Sales                                             | |1,057,500...