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Exercise 9-7 Coronado Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an...

Exercise 9-7

Coronado 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 1,600 $3.46 $3.24 $4.86 $0.38 $1.35
1333 1,300 2.92 2.48 3.78 0.54 0.54
1426 1,200 4.86 4.00 5.40 0.43 1.08
1437 1,400 3.89 3.35 3.46 0.27 0.97
1510 1,100 2.43 2.16 3.51 0.86 0.65
1522 900 3.24 2.92 4.10 0.43 0.54
1573 3,400 1.94 1.73 2.70 0.81 0.54
1626 1,400 5.08 5.62 6.48 0.54 1.08


From the information above, determine the amount of Coronado Company inventory.

The amount of Coronado Company’s inventory
$

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Homework Answers

Answer #1
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 1600 3.46 3.24 4.86 0.38 1.35 4.48 3.13 3.24 3.24 5184
1333 1300 2.92 2.48 3.78 0.54 0.54 3.24 2.7 2.7 2.7 3510
1426 1200 4.86 4 5.4 0.43 1.08 4.97 3.89 4 4 4800
1437 1400 3.89 3.35 3.46 0.27 0.97 3.19 2.22 3.19 3.19 4466
1510 1100 2.43 2.16 3.51 0.86 0.65 2.65 2 2.16 2.16 2376
1522 900 3.24 2.92 4.1 0.43 0.54 3.67 3.13 3.13 3.13 2817
1573 3400 1.94 1.73 2.7 0.81 0.54 1.89 1.35 1.73 1.73 5882
1626 1400 5.08 5.62 6.48 0.54 1.08 5.94 4.86 5.62 5.08 7112
36147
The amount of Coronado Company’s inventory = $36147
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