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

Larkspur 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 1,600 $3.97 $3.72 $5.58 $0.43 $1.55 1333 1,300 3.35 2.85 4.34 0.62 0.62 1426 1,200 5.58 4.59 6.20 0.50 1.24 1437 1,400 4.46 3.84 3.97 0.31 1.12 1510 1,100 2.79 2.48 4.03 0.99 0.74 1522 900 3.72 3.35 4.71 0.50 0.62 1573 3,400 2.23 1.98 3.10 0.93 0.62 1626 1,400 5.83 6.45 7.44 0.62 1.24 From the information above, determine the amount of Larkspur Company inventory. The amount of Larkspur Company’s inventory

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Answer #1
Item No. Quantity Cost per Unit Cost to Replace Estimated Selling Price Cost of Completion and Disposal Normal Profit NRV NRV less normal profit Market Lower of cost or market Inventory value
1320 1,600 $3.97 $3.72 $5.58 $0.43 $1.55 $5.15 $3.60 $3.72 $3.72 $5,952
1333 1,300 3.35 2.85 4.34 0.62 0.62 $3.72 $3.10 $3.10 $3.10 $4,030
1426 1200 5.58 4.59 6.2 0.5 1.24 $5.70 $4.46 $4.59 $4.59 $5,508
1437 1,400 4.46 3.84 3.97 0.31 1.12 $3.66 $2.54 $3.66 $3.66 $5,124
1510 1100 2.79 2.48 4.03 0.99 0.74 $3.04 $2.30 $2.48 $2.48 $2,728
1522 900 3.72 3.35 4.71 0.5 0.62 $4.21 $3.59 $3.59 $3.59 $3,231
1573 3,400 2.23 1.98 3.1 0.93 0.62 $2.17 $1.55 $1.98 $1.98 $6,732
1626 1,400 5.83 6.45 7.44 0.62 1.24 $6.82 $5.58 $6.45 $5.83 $8,162
Total $41,467
The amount of Larkspur Company’s inventory $41467
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