Question

In: Accounting

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

 1,500 $3.90 $3.66 $5.49 $0.43 $1.53

1333

 1,200 3.29 2.81 4.27 0.61 0.61

1426

 1,100 5.49 4.51 6.10 0.49 1.22

1437

 1,300 4.39 3.78 3.90 0.31 1.10

1510

 1,000 2.75 2.44 3.97 0.98 0.73

1522

 800 3.66 3.29 4.64 0.49 0.61

1573

 3,300 2.20 1.95 3.05 0.92 0.61

1626

 1,300 5.73 6.34 7.32 0.61 1.22


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

The amount of Blue Company’s inventory

$enter the dollar amount of Blue 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 1,500 $3.90 $3.66 $5.49 $0.43 $1.53 $5.06 $3.53 $3.66 $3.66 $5,490
1333 1,200 3.29 2.81 4.27 0.61 0.61 $3.66 $3.05 $3.05 $3.05 $3,660
1426 1100 5.49 4.51 6.10 0.49 1.22 $5.61 $4.39 $4.51 $4.51 $4,961
1437 1,300 4.39 3.78 3.90 0.31 1.10 $3.59 $2.49 $3.59 $3.59 $4,667
1510 1000 2.75 2.44 3.97 0.98 0.73 $2.99 $2.26 $2.44 $2.44 $2,440
1522 800 3.66 3.29 4.64 0.49 0.61 $4.15 $3.54 $3.54 $3.54 $2,832
1573 3,300 2.20 1.95 3.05 0.92 0.61 $2.13 $1.52 $1.95 $1.95 $6,435
1626 1,300 5.73 6.34 7.32 0.61 1.22 $6.71 $5.49 $6.34 $5.73 $7,449
Total $37,934
The amount of Blue Company’s inventory = $37934

ekkarill92 answered 1 year ago
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