Question

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

Novak 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

 1,700 $4.00 $3.75 $5.63 $0.44 $1.56

1333

 1,400 3.38 2.88 4.38 0.63 0.63

1426

 1,300 5.63 4.63 6.25 0.50 1.25

1437

 1,500 4.50 3.88 4.00 0.31 1.13

1510

 1,200 2.81 2.50 4.06 1.00 0.75

1522

 1,000 3.75 3.38 4.75 0.50 0.63

1573

 3,500 2.25 2.00 3.13 0.94 0.63

1626

 1,500 5.88 6.50 7.50 0.63 1.25


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

The amount of Novak Company’s inventory
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Homework Answers

Answer #1
Item Quantity cost per cost NRV NRV- MV Quantity final
No unit to normal inventory
replace value value
1320 1,700 4 3.75 5.19 3.63 3.75 1,700 6375
1333 1,400 3.38 2.88 3.75 3.12 3.12 1,400 4368
1426 1,300 5.63 4.63 5.75 4.5 4.63 1,300 6019
1437 1,500 4.5 3.88 3.69 2.56 3.69 1,500 5535
1510 1,200 2.81 2.5 3.06 2.31 2.5 1,200 3000
1522 1,000 3.75 3.38 4.25 3.62 3.62 1,000 3620
1573 3,500 2.25 2 2.19 1.56 2 3,500 7000
1626 1,500 5.88 6.5 6.87 5.62 5.88 1,500 8820
44737
inventory 44737
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