Exercise 9-7 X Your answer is incorrect. Try again. Kingbird Company follows the

Question

Exercise 9-7 X Your answer is incorrect. Try again. Kingbird Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis Cost per Estimated Selling Price Cost of Completion and Disposal Item Cost to Normal No. Quantity Unit Replace 1320 1,800$3.55 1333 1,500 1426 1,400 1437 1,600 1510 1,300 1522 1,100 1573 3,600 1626 1,600 3.00 5.00 4.00 2.50 3.33 2.00 5.22 $3.33 2.55 4.11 3.44 2.22 3.00 1.78 5.77 $5.00 3.89 5.55 3.55 3.61 4.22 2.78 6.66 $0.39 0.56 0.44 0.28 0.89 0.44 0.83 0.56 Profit $1.39 0.56 1.11 1.00 0.67 0.56 0.56 1.11 From the information above, determine the amount of Kingbird Company inventory The amount of Kingbird Company's inventory 42023

Explanation / Answer

Item No. Cost per unit Cost to replace NRV NRV less normal value MV Quantity Final Inventory Value 1320 3.55 3.33 4.61 3.22 3.33       1,800      5,994.00 1333 3.00 2.55 3.33 2.77 2.55       1,500      3,825.00 1426 5.00 4.11 5.11 4.00 4.11       1,400      5,754.00 1437 4.00 3.44 3.27 2.27 3.27       1,600      5,232.00 1510 2.50 2.22 2.72 2.05 2.22       1,300      2,886.00 1522 3.33 3.00 3.78 3.22 3.22       1,100      3,542.00 1573 2.00 1.78 1.95 1.39 1.78       3,600      6,408.00 1626 5.22 5.77 6.10 4.99 5.22       1,600      8,352.00 41,993.00

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