Question

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

Nash 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

1,400

$3.81

$3.57

$5.36

$0.42

$1.49

1333

1,100

3.21

2.74

4.17

0.60

0.60

1426

1,000

5.36

4.40

5.95

0.48

1.19

1437

1,200

4.28

3.69

3.81

0.30

1.07

1510

900

2.68

2.38

3.87

0.95

0.71

1522

700

3.57

3.21

4.52

0.48

0.60

1573

3,200

2.14

1.90

2.98

0.89

0.60

1626

1,200

5.59

6.19

7.14

0.60

1.19


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

*****PLEASE SHOW HOW YOU DETERMINED YOUR CALCULATIONS AND ANSWERS. Thank you!!!!

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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 1,400 3.81 3.57 4.94 3.45 3.57 1,400 4998
1333 1,100 3.21 2.74 3.57 2.97 2.97 1,100 3267
1426 1,000 5.36 4.4 5.47 4.28 4.4 1,000 4400
1437 1,200 4.28 3.69 3.51 2.44 3.51 1,200 4212
1510 900 2.68 2.38 2.92 2.21 2.38 900 2142
1522 700 3.57 3.21 4.04 3.44 3.44 700 2408
1573 3,200 2.14 1.9 2.09 1.49 1.9 3,200 6080
1626 1,200 5.59 6.19 6.54 5.35 5.59 1,200 6708
34215
inventory 34215
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