Splish 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 Splish Company
inventory.
The amount of Splish Company’s inventory | $ |
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 Splish Company’s inventory = $37934 |
Splish Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis....
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