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	Quantity	cost per	cost	NRV	NRV-	MV	Quantity	final
No		unit	to		normal			inventory
			replace		value			value

1320	1,300	3.74	3.51	4.86	3.4	3.51	1,300	4563
1333	1,000	3.16	2.69	3.51	2.92	2.92	1,000	2920
1426	900	5.27	4.33	5.38	4.21	4.33	900	3897
1437	1,100	4.21	3.63	3.45	2.4	3.45	1,100	3795
1510	800	2.63	2.34	2.86	2.16	2.34	800	1872
1522	600	3.51	3.16	3.98	3.39	3.39	600	2034
1573	3,100	2.11	1.87	2.05	1.46	1.87	3,100	5797
1626	1,100	5.5	6.08	6.43	5.26	5.5	1,100	6050
								30928

	inventory		30928

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