Homework Answers
Answer- The amount of Marigold Company's Inventory =$31334.
Explanation-
| Calculation of closing inventory for each item | ||||||||
| By using Lower of cost or Net Realizable Value Method | Closing Inventory | |||||||
| Item No. | Quantity (a) | Cost per unit | Estimated Selling Price (b) | Cost to Complete and Sell (c) | Net Realizable value (d= b-c) | Valued on Lower of Cost or NRV | $ Per unit (e) | Amount $ (f=a*e) |
| $ | $ | $ | $ | |||||
| 1320 | 1600 | 3.33 | 4.68 | 1.66 | 3.02 | Net Realizable value | 3.02 | 4832 |
| 1333 | 1300 | 2.81 | 3.54 | 1.04 | 2.50 | Net Realizable value | 2.50 | 3250 |
| 1426 | 1200 | 4.68 | 5.20 | 1.46 | 3.74 | Net Realizable value | 3.74 | 4488 |
| 1437 | 1400 | 3.74 | 3.33 | 1.40 | 1.93 | Net Realizable value | 1.93 | 2702 |
| 1510 | 1100 | 2.34 | 3.38 | 1.46 | 1.92 | Net Realizable value | 1.92 | 2112 |
| 1522 | 900 | 3.12 | 4.06 | 0.83 | 3.23 | Cost | 3.12 | 2808 |
| 1573 | 3400 | 1.87 | 2.60 | 1.25 | 1.35 | Net Realizable value | 1.35 | 4590 |
| 1626 | 1400 | 4.89 | 6.24 | 1.56 | 4.68 | Net Realizable value | 4.68 | 6552 |
| Totals | 31334 | |||||||
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