Windsor Company follows the practice of pricing its inventory at the lower-of-co

Question

Windsor Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis.

From the information above, determine the amount of Windsor Company inventory. The amount of Windsor Company’s inventory

Item No. Quantity Cost per Unit Cost to Replace Est. Selling Price Cost of Completion and Disposal Normal Profit 1320 1800 3.58 3.36 5.04 0.39 1.40 1333 1500 3.02 2.58 3.92 0.56 0.56 1426 1400 5.04 4.14 5.60 0.45 1.12 1437 1600 4.03 3.47 3.58 0.28 1.01 1510 1300 2.52 2.24 3.64 0.90 0.67 1522 1100 3.36 3.02 4.26 0.45 0.56 1573 3600 2.02 1.79 2.80 0.84 0.56 1626 1600 5.26 5.82 6.72 0.56 1.12

Explanation / Answer

Item No. Quantity Cost per Unit Cost to Replace Est. Selling Price Cost of Completion and Disposal Normal Profit NRV NRV less profit Market Lower of cost or market Total of LCM 1320 1800 3.58 3.36 5.04 0.39 1.4 4.65 3.25 3.36 3.36 6048 1333 1500 3.02 2.58 3.92 0.56 0.56 3.36 2.8 2.8 2.8 4200 1426 1400 5.04 4.14 5.6 0.45 1.12 5.15 4.03 4.14 4.14 5796 1437 1600 4.03 3.47 3.58 0.28 1.01 3.3 2.29 3.3 3.3 5280 1510 1300 2.52 2.24 3.64 0.9 0.67 2.74 2.07 2.24 2.24 2912 1522 1100 3.36 3.02 4.26 0.45 0.56 3.81 3.25 3.25 3.25 3575 1573 3600 2.02 1.79 2.8 0.84 0.56 1.96 1.4 1.79 1.79 6444 1626 1600 5.26 5.82 6.72 0.56 1.12 6.16 5.04 5.82 5.26 8416 Total 42671 The amount of Windsor Company’s inventory = $42671

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