Exercise 9-7 Vaughn Company follows the practice of pricing its inventory at the

Question

Exercise 9-7 Vaughn Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis Cost per Unit Estimated Selling Price Cost of Completion and Disposal Item No. Quantity 1320 1,400 1333 1,100 14261,000 1437 1,200 1510 1522 15733,200 1626 1,200 Cost to Replace $3.60 2.76 4.44 3.72 2.40 3.24 1.92 6.24 $5.40 4.20 6.00 3.84 3.90 4.56 3.00 7.20 $0.42 0.60 0.48 0.30 0.96 0.48 0.90 0.60 Normal Profit $1.50 0.60 1.20 1.08 0.72 0.60 0.60 1.20 $3.84 3.24 5.40 4.32 2.70 3.60 2.16 5.64 900 700 From the information above, determine the amount of Vaughn Company inventory The amount of Vaughn Company's inventory Click if you would like to Show Work for this question: Show Work

Explanation / Answer

Items Qty Cost Cost to Replace Lower Total Cost 1320    1,400.00           3.84                        3.60           3.60      5,040.00 1333    1,100.00           3.24                        2.76           2.76      3,036.00 1426    1,000.00           5.40                        4.44           4.44      4,440.00 1437    1,200.00           4.32                        3.72           3.72      4,464.00 1510       900.00           2.70                        2.40           2.40      2,160.00 1522       700.00           3.60                        3.24           3.24      2,268.00 1573    3,200.00           2.16                        1.92           1.92      6,144.00 1626    1,200.00           5.64                        6.24           5.64      6,768.00 Inventory Value    34,320.00

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