Question

Vaughn Company follows the practice of pricing its inventory at LCNRV, on an individual-item basis. Item...

Vaughn Company follows the practice of pricing its inventory at LCNRV, on an individual-item basis.

Item No.

Quantity

Cost
per Unit

Estimated
Selling Price

Cost to Complete
and Sell
1320 1,400 $3.78 $5.31 $1.89
1333 1,100 3.19 4.01 1.18
1426 1,000 5.31 5.90 1.65
1437 1,200 4.25 3.78 1.59
1510 900 2.66 3.84 1.65
1522 700 3.54 4.60 0.94
1573 3,200 2.12 2.95 1.42
1626 1,200 5.55 7.08 1.77


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

The amount of Vaughn Company’s inventory

$
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Homework Answers

Answer #1
Item No. Quantity Cost per Unit Estimated Selling Price Cost to Complete and Sell NRV Lower of cost or NRV Inventory value
1320 1,400 $3.78 $5.31 $1.89 $3.42 $3.42 $4,788
1333 1,100 3.19 4.01 $1.18 $2.83 $2.83 $3,113
1426 1000 5.31 5.9 $1.65 $4.25 $4.25 $4,250
1437 1,200 4.25 3.78 $1.59 $2.19 $2.19 $2,628
1510 900 2.66 3.84 $1.65 $2.19 $2.19 $1,971
1522 700 3.54 4.6 $0.94 $3.66 $3.54 $2,478
1573 3,200 2.12 2.95 $1.42 $1.53 $1.53 $4,896
1626 1,200 5.55 7.08 $1.77 $5.31 $5.31 $6,372
Total $30,496
The amount of Vaughn Company’s inventory = $30496
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