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In: Accounting

Coronado Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis....

Coronado 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 Coronado Company inventory.

Solutions

Expert Solution

ANSWER:

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   1800   3.58   3.36   5.04   0.39   1.40   4.65   3.25   3.36   3.36   6048.00
1333   1500   3.02   2.58   3.92   0.56   0.56   3.36   2.80   2.80   2.80   4200.00
1426   1400   5.04   4.14   5.60   0.45   1.12   5.15   4.03   4.14   4.14   5796.00
1437   1600   4.03   3.47   3.58   0.28   1.01   3.30   2.29   3.30   3.30   5280.00
1510   1300   2.52   2.24   3.64   0.90   0.67   2.74   2.07   2.24   2.24   2912.00
1522   1100   3.36   3.02   4.26   0.45   0.56   3.81   3.25   3.25   3.25   3575.00
1573   3600   2.02   1.79   2.80   0.84   0.56   1.96   1.40   1.79   1.79   6444.00
1626   1600   5.26   5.82   6.72   0.56   1.12   6.16   5.04   5.82   5.26   8416.00
Total   42671.00
The amount of Coronado Company’s inventory $ 42671

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