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Grant Wood Company manufactures desks. Most of the company's desks are standard models and are sold on the basis of catalog prices. At 12-31-11, the following finished desks appear in the company's inventory.
Fisnished Desks A B C D
2010 Catalog selling prices $450 $480 $900 $1050
FIFO cost per inventory list 12-31-10 470 450 830 960
Estimated current cost to manufacure
(at 12-31-10, and early 2011) 460 430 610 1,000
Sales commissioins and estimated other
costs of disposal 50 60 80 130
2011 catalog selling price 500 540 900 1,200
The 2011 catalog was in effect through 11-2010 and the 2011 catalog is effective as of 12-1-10.
All catalog prices are net of the usual discounts. Generally, the company attempts to obtain a 20% gross margin on selling price and has usually been successful in doing so.
At what amount should each of the four desks appear in the company's 12-31-10, inventory, assuming that the company has adopted a lower-of-FIFO-cost-or-market approach for valuation of inventories on an individal-item basis?