Question

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

Kingbird 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 1,500 $3.87 $3.63 $5.45 $0.42 $1.51 1333 1,200 3.27 2.78 4.24 0.61 0.61 1426 1,100 5.45 4.48 6.05 0.48 1.21 1437 1,300 4.36 3.75 3.87 0.30 1.09 1510 1,000 2.72 2.42 3.93 0.97 0.73 1522 800 3.63 3.27 4.60 0.48 0.61 1573 3,300 2.18 1.94 3.03 0.91 0.61 1626 1,300 5.69 6.29 7.26 0.61 1.21 From the information above, determine the amount of Kingbird Company inventory. The amount of Kingbird Company’s inventory $enter the dollar amount of Kingbird Company's inventory

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Answer #1

Answer-The amount of Kingbird Company’s inventory = $40184.

Explanation-

Statement of Inventory using Lower of cost or market
Item No. Units Cost per unit $ Estimated Selling price $ (a) Cost to complete & Sell (b) Net Relizable value (c=a-b) Lower of cost or Net realizable value Value of Inventory $ Remark (Valued at)
1320 1500 3.87 5.45 0.42 5.03 3.87 5805 Cost price
1333 1200 3.27 4.24 0.61 3.63 3.27 3924 Cost price
1426 1100 5.45 6.05 0.48 5.57 5.27 5797 Cost price
1437 1300 4.36 3.87 0.30 3.57 3.57 4641 Market Price
1510 1000 2.72 3.93 0.97 2.96 2.72 2720 Cost price
1522 800 3.63 4.60 0.48 4.12 3.63 2904 Cost price
1573 3300 2.18 3.03 0.91 2.12 2.12 6996 Market Price
1626 1300 5.69 7.26 0.61 6.65 5.69 7397 Cost price
Total 40184
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