Culver Company follows the practice of pricing its inventory at the lower-of-cos

Question

Culver 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 1,900 $3.62 $3.39 $5.09 $0.40 $1.41 1333 1,600 3.05 2.60 3.96 0.57 0.57 1426 1,500 5.09 4.18 5.65 0.45 1.13 1437 1,700 4.07 3.50 3.62 0.28 1.02 1510 1,400 2.54 2.26 3.67 0.90 0.68 1522 1,200 3.39 3.05 4.29 0.45 0.57 1573 3,700 2.03 1.81 2.83 0.85 0.57 1626 1,700 5.31 5.88 6.78 0.57 1.13 From the information above, determine the amount of Culver Company inventory. The amount of Culver Company’s inventory

Explanation / Answer

The amount of Culver Company’s inventory = 46682

item no cost per unit cost to replace nrv net real value less normal value Mv quantity final inventory value 1320 3.62 3.39 4.69 3.28 3.39 1900 6441 1333 3.05 2.6 3.39 2.82 2.82 1600 4512 1426 5.09 4.18 5.2 4.07 4.18 1500 6270 1437 4.07 3.5 3.34 2.32 3.34 1700 5678 1510 2.54 2.26 2.77 2.09 2.26 1400 3164 1522 3.39 3.05 3.84 3.27 3.27 1200 3924 1573 2.03 1.81 1.98 1.41 1.81 3700 6697 1626 5.31 5.88 6.21 5.08 5.88 1700 9996 totla inventory value 46682 NRV = Estimated Selling Price - Cost of Completion and Disposal net real value less normal value =Estimated Selling Price -Cost of Completion and Disposal- Normal Profit

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