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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 1.79 2.80 0.84 0.56 1626 1,600 5.26 5.82 6.72 0.56 1.12 From the information above, determine the amount of Crane Company inventory. The amount of Crane Company’s inventory

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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 1,800 $3.58 $3.36 $5.04 $0.39 $1.40 $4.65 $3.25 $3.36 $3.36 $6,048
1333 1,500 3.02 2.58 3.92 0.56 0.56 $3.36 $2.80 $2.80 $2.80 $4,200
1426 1400 5.04 4.14 5.6 0.45 1.12 $5.15 $4.03 $4.14 $4.14 $5,796
1437 1,600 4.03 3.47 3.58 0.28 1.01 $3.30 $2.29 $3.30 $3.30 $5,280
1510 1300 2.52 2.24 3.64 0.9 0.67 $2.74 $2.07 $2.24 $2.24 $2,912
1522 1100 3.36 3.02 4.26 0.45 0.56 $3.81 $3.25 $3.25 $3.25 $3,575
1573 3,600 2.02 1.79 2.8 0.84 0.56 $1.96 $1.40 $1.79 $1.79 $6,444
1626 1,600 5.26 5.82 6.72 0.56 1.12 $6.16 $5.04 $5.82 $5.26 $8,416
Total $42,671
The amount of Crane Company’s inventory = $42671

ekkarill92 answered 1 year ago
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