Question

In: Accounting

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 1.71 2.68 0.80 0.54
1626 1,400 5.03 5.56 6.42 0.54 1.07


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

The amount of Sarasota 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 1600 3.42 3.21 4.82 0.37 1.34 4.45 3.11 3.21 3.21 5136.00
1333 1300 2.89 2.46 3.75 0.54 0.54 3.21 2.67 2.67 2.67 3471.00
1426 1200 4.82 3.96 5.35 0.43 1.07 4.92 3.85 3.96 3.96 4752.00
1437 1400 3.85 3.32 3.42 0.27 0.96 3.15 2.19 3.15 3.15 4410.00
1510 1100 2.41 2.14 3.48 0.86 0.64 2.62 1.98 2.14 2.14 2354.00
1522 900 3.21 2.89 4.07 0.43 0.54 3.64 3.10 3.10 3.10 2790.00
1573 3400 1.93 1.71 2.68 0.80 0.54 1.88 1.34 1.71 1.71 5814.00
1626 1400 5.03 5.56 6.42 0.54 1.07 5.88 4.81 5.56 5.03 7042.00
Total 35769.00
The amount of Sarasota Company’s inventory = $35769

ekkarill92 answered 3 years ago
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