In: Accounting
Crane 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 |
1,300 | $3.23 | $3.03 | $4.55 | $0.35 | $1.26 | ||||||||||||
1333 |
1,000 | 2.73 | 2.32 | 3.54 | 0.51 | 0.51 | ||||||||||||
1426 |
900 | 4.55 | 3.74 | 5.05 | 0.40 | 1.01 | ||||||||||||
1437 |
1,100 | 3.64 | 3.13 | 3.23 | 0.25 | 0.91 | ||||||||||||
1510 |
800 | 2.27 | 2.02 | 3.28 | 0.81 | 0.61 | ||||||||||||
1522 |
600 | 3.03 | 2.73 | 3.84 | 0.40 | 0.51 | ||||||||||||
1573 |
3,100 | 1.82 | 1.62 | 2.53 | 0.76 | 0.51 | ||||||||||||
1626 |
1,100 | 4.75 | 5.25 | 6.06 | 0.51 | 1.01 |
From the information above, determine the amount of Crane Company
inventory.
The amount of Crane Company’s inventory |
Enter the dollar amount |
$
Item No. | Quantity | Cost per Unit | Cost to Replace | Estimated Selling Price | Cost of Completion and Disposal | Normal Profit | NRV | NRV less normal profit | Market | Lower of cost or market | Inventory value |
1320 | 1300 | 3.23 | 3.03 | 4.55 | 0.35 | 1.26 | 4.20 | 2.94 | 3.03 | 3.03 | 3939.00 |
1333 | 1000 | 2.73 | 2.32 | 3.54 | 0.51 | 0.51 | 3.03 | 2.52 | 2.52 | 2.52 | 2520.00 |
1426 | 900 | 4.55 | 3.74 | 5.05 | 0.40 | 1.01 | 4.65 | 3.64 | 3.74 | 3.74 | 3366.00 |
1437 | 1100 | 3.64 | 3.13 | 3.23 | 0.25 | 0.91 | 2.98 | 2.07 | 2.98 | 2.98 | 3278.00 |
1510 | 800 | 2.27 | 2.02 | 3.28 | 0.81 | 0.61 | 2.47 | 1.86 | 2.02 | 2.02 | 1616.00 |
1522 | 600 | 3.03 | 2.73 | 3.84 | 0.40 | 0.51 | 3.44 | 2.93 | 2.93 | 2.93 | 1758.00 |
1573 | 3100 | 1.82 | 1.62 | 2.53 | 0.76 | 0.51 | 1.77 | 1.26 | 1.62 | 1.62 | 5022.00 |
1626 | 1100 | 4.75 | 5.25 | 6.06 | 0.51 | 1.01 | 5.55 | 4.54 | 5.25 | 4.75 | 5225.00 |
Total | 26724.00 | ||||||||||
The amount of Crane Company’s inventory $ 26724 |