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Exercise 9-7 Ayayai Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an...

Exercise 9-7 Ayayai 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 1.65 2.58 0.77 0.52
1626 1,200 4.84 5.36 6.18 0.52 1.03

From the information above, determine the amount of Ayayai Company 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 1,400 3.30 3.09 4.64 0.36 1.29 4.28 2.99 3.09 3.09 4326
1333 1,100 2.78 2.37 3.61 0.52 0.52 3.09 2.57 2.57 2.57 2827
1426 1000 4.64 3.81 5.15 0.41 1.03 4.74 3.71 3.81 3.81 3810
1437 1,200 3.71 3.19 3.30 0.26 0.93 3.04 2.11 3.04 3.04 3648
1510 900 2.32 2.06 3.35 0.82 0.62 2.53 1.91 2.06 2.06 1854
1522 700 3.09 2.78 3.91 0.41 0.52 3.50 2.98 2.98 2.98 2086
1573 3,200 1.85 1.65 2.58 0.77 0.52 1.81 1.29 1.65 1.65 5280
1626 1,200 4.84 5.36 6.18 0.52 1.03 5.66 4.63 5.36 4.84 5808
Total 29639
The amount of Ayayai Company’s inventory = $29639

ekkarill92 answered 1 year ago
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