Item No. Quantity Cost per Unit Cost to Replace Estimated Selling Price Cost of

Question

Item No. Quantity Cost per Unit Cost to Replace Estimated Selling Price Cost of Completion and Disposal Normal Profit Sunland 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 1,300 $3.74 $3.51 $5.27 $0.41 $1.46 1333 1,000 3.16 2.69 4.10 0.59 0.59 1426 900 5.27 4.33 5.85 0.47 1.17 1437 1,100 4.21 3.63 3.74 0.29 1.05 1510 800 2.63 2.34 3.80 0.94 0.70 1522 600 3.51 3.16 4.45 0.47 0.59 1573 3,100 2.11 1.87 2.93 0.88 0.59 1626 1,100 5.50 6.08 7.02 0.59 1.17
From the information above, determine the amount of Sunland Company inventory.
The amount of Sunland Company’s inventory $

Explanation / Answer

Item No.

Quantity

Cost per Unit

Cost to Replace

Estimated Selling Price

Cost of Completion and Disposal

Normal Profit

Item No.

Quantity

Cost per Unit

Cost to Replace

Estimated Selling Price

Cost of Completion and Disposal

Normal Profit

NRV NRV less profit Market Lower of cost or market Inventory value 1320 1,300 3.74 3.51 5.27 0.41 1.46 4.86 3.4 3.51 3.51 4563 1333 1,000 3.16 2.69 4.1 0.59 0.59 3.51 2.92 2.92 2.92 2920 1426 900 5.27 4.33 5.85 0.47 1.17 5.38 4.21 4.33 4.33 3897 1437 1,100 4.21 3.63 3.74 0.29 1.05 3.45 2.4 3.45 3.45 3795 1510 800 2.63 2.34 3.8 0.94 0.7 2.86 2.16 2.34 2.34 1872 1522 600 3.51 3.16 4.45 0.47 0.59 3.98 3.39 3.39 3.39 2034 1573 3,100 2.11 1.87 2.93 0.88 0.59 2.05 1.46 1.87 1.87 5797 1626 1,100 5.5 6.08 7.02 0.59 1.17 6.43 5.26 6.08 5.5 6050 Total 30928 The amount of Sunland Company’s inventory = 30928

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