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

Exercise 9-7

Metlock 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 1,500 $3.90 $3.66 $5.49 $0.43 $1.53
1333 1,200 3.29 2.81 4.27 0.61 0.61
1426 1,100 5.49 4.51 6.10 0.49 1.22
1437 1,300 4.39 3.78 3.90 0.31 1.10
1510 1,000 2.75 2.44 3.97 0.98 0.73
1522 800 3.66 3.29 4.64 0.49 0.61
1573 3,300 2.20 1.95 3.05 0.92 0.61
1626 1,300 5.73 6.34 7.32 0.61 1.22


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

The amount of Metlock 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 1,500 3.9 3.66 5.06 3.53 3.36 1,500 5040
1333 1,200 3.29 2.81 3.66 3.05 3.05 1,200 3660
1426 1,100 5.49 4.51 5.61 4.39 4.51 1,100 4961
1437 1,300 4.39 3.78 3.59 2.49 3.59 1,300 4667
1510 1,000 2.75 2.44 2.99 2.26 2.44 1,000 2440
1522 800 3.66 3.29 4.15 3.54 3.54 800 2832
1573 3,300 2.2 1.95 2.13 1.52 1.95 3,300 6435
1626 1,300 5.73 6.34 6.71 5.49 5.26 1,300 6838
36873
inventory 36873
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