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

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

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Answer 1

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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	1300	3.74	3.51	5.27	0.41	1.46	4.86	3.40	3.51	3.51	4563.00
1333	1000	3.16	2.69	4.10	0.59	0.59	3.51	2.92	2.92	2.92	2920.00
1426	900	5.27	4.33	5.85	0.47	1.17	5.38	4.21	4.33	4.33	3897.00
1437	1100	4.21	3.63	3.74	0.29	1.05	3.45	2.40	3.45	3.45	3795.00
1510	800	2.63	2.34	3.80	0.94	0.70	2.86	2.16	2.34	2.34	1872.00
1522	600	3.51	3.16	4.45	0.47	0.59	3.98	3.39	3.39	3.39	2034.00
1573	3100	2.11	1.87	2.93	0.88	0.59	2.05	1.46	1.87	1.87	5797.00
1626	1100	5.50	6.08	7.02	0.59	1.17	6.43	5.26	6.08	5.50	6050.00
										Total	30928.00
The amount of Sheffield Company’s inventory = $30928

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