Question 1 Novak Company follows the practice of pricing its inventory at the lo

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Question 1 Novak Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis Cost per Cost of Completion and Disposal Estimated Selling Item No. Quantity Unit Replace 13201,900 13331,600 14261,500 14371,700 15101,400 15221,200 15733,700 16261,700 Normal Profit $1.43 0.57 1.14 1.03 0.68 0.57 0.57 1.14 Cost to Price $3.65 3.08 5.13 4.10 2.57 3.42 2.05 5.36 $3.42 2.62 4.22 3.53 2.28 3.08 1.82 5.93 $5.13 3.99 5.70 3.65 3.71 4.33 2.85 6.84 $0.40 0.57 0.46 0.29 0.91 0.46 0.86 0.57 From the information above, determine the amount of Novak Company inventory The amount of Novak Company's inventory$

Explanation / Answer

Generally inventories are valued at lower of its cost or net realisable value and it will measured on an individual basis. Net Realisable value can be calculated by deducting cost of completion from estimated selling prices.

The amount of Novak's company inventory is $49447/-

(6935+4928+7695+5712+3598+4104+7363+9112)

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