Part 1

Sweet 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 1320 1,800 \$3.65 \$5.13 \$1.82 1333 1,500 3.08 3.88 1.14 1426 1,400 5.13 5.70 1.60 1437 1,600 4.10 3.65 1.54 1510 1,300 2.57 3.71 1.60 1522 1,100 3.42 4.45 0.91 1573 3,600 2.05 2.85 1.37 1626 1,600 5.36 6.84 1.71

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

 The amount of Sweet Company’s inventory. =\$______

Part 2

Marin Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis.

 Item No. Quantity Cost per Unit Cost to Replace Estimated Selling Price Cost of Completion and Disposal Normal Profit 1320 1,500 \$3.87 \$3.63 \$5.45 \$0.42 \$1.51 1333 1,200 3.27 2.78 4.24 0.61 0.61 1426 1,100 5.45 4.48 6.05 0.48 1.21 1437 1,300 4.36 3.75 3.87 0.30 1.09 1510 1,000 2.72 2.42 3.93 0.97 0.73 1522 800 3.63 3.27 4.60 0.48 0.61 1573 3,300 2.18 1.94 3.03 0.91 0.61 1626 1,300 5.69 6.29 7.26 0.61 1.21

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

 The amount of Marin Company’s inventory. \$______

Part 3

Sunland 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 \$ 147,800 Purchases (gross) 637,400 Freight-in 31,000 Sales revenue 953,600 Sales returns 72,200 Purchase discounts 11,900

1. Compute the estimated inventory at May 31, assuming that the gross profit is 20% of net sales.

 The estimated inventory at May 31

=\$_____

2. Compute the estimated inventory at May 31, assuming that the gross profit is 20% of cost. (Round percentage of sales to 2 decimal places, e.g. 78.74% and final answer to 0 decimal places, e.g. 6,225.)

 The estimated inventory at May 31

=\$___

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