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 | 1,300 | $3.23 | $3.03 | $4.55 | $0.35 | $1.26 | ||||||||||||
1333 | 1,000 | 2.73 | 2.32 | 3.54 | 0.51 | 0.51 | ||||||||||||
1426 | 900 | 4.55 | 3.74 | 5.05 | 0.40 | 1.01 | ||||||||||||
1437 | 1,100 | 3.64 | 3.13 | 3.23 | 0.25 | 0.91 | ||||||||||||
1510 | 800 | 2.27 | 2.02 | 3.28 | 0.81 | 0.61 | ||||||||||||
1522 | 600 | 3.03 | 2.73 | 3.84 | 0.40 | 0.51 | ||||||||||||
1573 | 3,100 | 1.82 | 1.62 | 2.53 | 0.76 | 0.51 | ||||||||||||
1626 | 1,100 | 4.75 | 5.25 | 6.06 | 0.51 | 1.01 |
From the information above, determine the amount of Coronado
Company 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 | 1,300 | $3.23 | $3.03 | $4.55 | $0.35 | $1.26 | $4.20 | $2.94 | $3.03 | $3.03 | $3,939 |
1333 | 1,000 | 2.73 | 2.32 | 3.54 | 0.51 | 0.51 | $3.03 | $2.52 | $2.52 | $2.52 | $2,520 |
1426 | 900 | 4.55 | 3.74 | 5.05 | 0.4 | 1.01 | $4.65 | $3.64 | $3.74 | $3.74 | $3,366 |
1437 | 1,100 | 3.64 | 3.13 | 3.23 | 0.25 | 0.91 | $2.98 | $2.07 | $2.98 | $2.98 | $3,278 |
1510 | 800 | 2.27 | 2.02 | 3.28 | 0.81 | 0.61 | $2.47 | $1.86 | $2.02 | $2.02 | $1,616 |
1522 | 600 | 3.03 | 2.73 | 3.84 | 0.4 | 0.51 | $3.44 | $2.93 | $2.93 | $2.93 | $1,758 |
1573 | 3,100 | 1.82 | 1.62 | 2.53 | 0.76 | 0.51 | $1.77 | $1.26 | $1.62 | $1.62 | $5,022 |
1626 | 1,100 | 4.75 | 5.25 | 6.06 | 0.51 | 1.01 | $5.55 | $4.54 | $5.25 | $4.75 | $5,225 |
Total | $26,724 | ||||||||||
The amount of Coronado Company inventory = $26724 |
Coronado Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis....
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