Michael Bolton Company follows the practice of pricing its inventory at the lowe

Question

Michael Bolton 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 1,700 $4.93 $4.62 $6.93 $0.54 $1.93 1333 1,400 4.16 3.54 5.39 0.77 0.77 1426 1,300 6.93 5.70 7.70 0.62 1.54 1437 1,500 5.54 4.77 4.93 0.39 1.39 1510 1,200 3.47 3.08 5.01 1.23 0.92 1522 1,000 4.62 4.16 5.85 0.62 0.77 1573 3,500 2.77 2.46 3.85 1.16 0.77 1626 1,500 7.24 8.01 9.24 0.77 1.54

Explanation / Answer

Net Realizable Value (NRV)
          = Estimated Selling Price - Cost of Completion and Disposal

Item No. Quantity Cost per Unit Cost to Replace NRV NRV-Normal Profit Middle value among (A), (B) and

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