Question

In: Accounting

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

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

$

Solutions

Expert Solution

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

ekkarill92 answered 1 year ago
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