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

Related Solutions

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 1,800 $3.58 $3.36 $5.04 $0.39 $1.40 1333 1,500 3.02 2.58 3.92 0.56 0.56 1426 1,400 5.04 4.14 5.60 0.45 1.12 1437 1,600 4.03 3.47 3.58 0.28 1.01 1510 1,300 2.52 2.24 3.64 0.90 0.67 1522 1,100 3.36 3.02 4.26 0.45 0.56 1573 3,600 2.02...
Blue Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis....
Blue 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...
Martinez Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis....
Martinez 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 1,600 $3.46 $3.24 $4.86 $0.38 $1.35 1333 1,300 2.92 2.48 3.78 0.54 0.54 1426 1,200 4.86 4.00 5.40 0.43 1.08 1437 1,400 3.89 3.35 3.46 0.27 0.97 1510 1,100 2.43 2.16 3.51 0.86 0.65 1522 900 3.24 2.92 4.10 0.43 0.54 1573 3,400 1.94...
Martinez Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis....
Martinez 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 1,600 $3.46 $3.24 $4.86 $0.38 $1.35 1333 1,300 2.92 2.48 3.78 0.54 0.54 1426 1,200 4.86 4.00 5.40 0.43 1.08 1437 1,400 3.89 3.35 3.46 0.27 0.97 1510 1,100 2.43 2.16 3.51 0.86 0.65 1522 900 3.24 2.92 4.10 0.43 0.54 1573 3,400 1.94...
Skysong Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis....
Skysong 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 $3.39 $3.18 $4.77 $0.37 $1.33 1333 1,200 2.86 2.44 3.71 0.53 0.53 1426 1,100 4.77 3.92 5.30 0.42 1.06 1437 1,300 3.82 3.29 3.39 0.27 0.95 1510 1,000 2.39 2.12 3.45 0.85 0.64 1522 800 3.18 2.86 4.03 0.42 0.53 1573 3,300 1.91...
Sarasota Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis....
Sarasota 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 1,600 $3.42 $3.21 $4.82 $0.37 $1.34 1333 1,300 2.89 2.46 3.75 0.54 0.54 1426 1,200 4.82 3.96 5.35 0.43 1.07 1437 1,400 3.85 3.32 3.42 0.27 0.96 1510 1,100 2.41 2.14 3.48 0.86 0.64 1522 900 3.21 2.89 4.07 0.43 0.54 1573 3,400 1.93...
Swifty Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis....
Swifty 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 1,400 $3.30 $3.09 $4.64 $0.36 $1.29 1333 1,100 2.78 2.37 3.61 0.52 0.52 1426 1,000 4.64 3.81 5.15 0.41 1.03 1437 1,200 3.71 3.19 3.30 0.26 0.93 1510 900 2.32 2.06 3.35 0.82 0.62 1522 700 3.09 2.78 3.91 0.41 0.52 1573 3,200 1.85...
Kingbird Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis....
Kingbird 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...
Vaughn Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis....
Vaughn 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 1,400 $3.30 $3.09 $4.64 $0.36 $1.29 1333 1,100 2.78 2.37 3.61 0.52 0.52 1426 1,000 4.64 3.81 5.15 0.41 1.03 1437 1,200 3.71 3.19 3.30 0.26 0.93 1510 900 2.32 2.06 3.35 0.82 0.62 1522 700 3.09 2.78 3.91 0.41 0.52 1573 3,200 1.85...
Tamarisk Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis....
Tamarisk 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 & Disposal Normal Profit 1320 2000 3.68 3.45 5.18 0.40 1.44 1333 1700 3.11 2.65 4.03 0.58 0.58 1426 1600 5.18 4.26 5.75 0.46 1.15 1437 1800 4.14 3.57 3.68 0.29 1.04 1510 1500 2.59 2.30 3.74 0.92 0.69 1522 1300 3.45 3.11 4.37 0.46 0.58 1573 3800 2.07...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT