Question

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

Sedato 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

1,200

$3.20

$4.50

S1.60

1333

900

2.70

3.40

1.00

1426

800

4.50

5.00

1.40

1437

1,000

3.60

3.20

1.35

1510

700

2.25

3.25

1.40

1522

500

3.00

3.90

0.80

1573

3,000

1.80

2.50

1.20

1626

1,000

4.70

6.00

1.50

From the information above, determine the amount of Sedato Company inventory. Please show work.

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Homework Answers

Answer #1
NRV = S.P - Cost to complete and sell
Item No. Quantity Cost per Unit Estimated Selling Price Cost to Complete and Sell NRV C/NRV W E Lower Ending Inventory
1320 1200 3.2 4.5 1.6 2.9 2.9 3480
1333 900 2.7 3.4 1 2.4 2.4 2160
1426 800 4.5 5 1.4 3.6 3.6 2880
1437 1000 3.6 3.2 1.35 1.85 1.85 1850
1510 700 2.25 3.25 1.4 1.85 1.85 1295
1522 500 3 3.9 0.8 3.1 3 1500
1573 3000 1.8 2.5 1.2 1.3 1.3 3900
1626 1000 4.7 6 1.5 4.5 4.5 4500
21565
Therefore ending inventory = $21565
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