Question

In: Accounting

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 1.73 2.70 0.81 0.54
1626 1,400 5.08 5.62 6.48 0.54 1.08


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

The amount of Martinez Company’s inventory

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 1,600 $3.46 $3.24 $4.86 $0.38 $1.35 $4.48 $3.13 $3.24 $3.24 $5,184
1333 1,300 2.92 2.48 3.78 0.54 0.54 $3.24 $2.70 $2.70 $2.70 $3,510
1426 1200 4.86 4.00 5.40 0.43 1.08 $4.97 $3.89 $4.00 $4.00 $4,800
1437 1,400 3.89 3.35 3.46 0.27 0.97 $3.19 $2.22 $3.19 $3.19 $4,466
1510 1100 2.43 2.16 3.51 0.86 0.65 $2.65 $2.00 $2.16 $2.16 $2,376
1522 900 3.24 2.92 4.10 0.43 0.54 $3.67 $3.13 $3.13 $3.13 $2,817
1573 3,400 1.94 1.73 2.70 0.81 0.54 $1.89 $1.35 $1.73 $1.73 $5,882
1626 1,400 5.08 5.62 6.48 0.54 1.08 $5.94 $4.86 $5.62 $5.08 $7,112
Total $36,147
The amount of Martinez Company’s inventory = $36147

ekkarill92 answered 3 years ago
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