Question

Bridgeport 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		1,300		$3.49		$4.91		$1.74
1333		1,000		2.94		3.71		1.09
1426		900		4.91		5.45		1.53
1437		1,100		3.92		3.49		1.47
1510		800		2.45		3.54		1.53
1522		600		3.27		4.25		0.87
1573		3,100		1.96		2.73		1.31
1626		1,100		5.12		6.54		1.64

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

The amount of Bridgeport Company’s inventory ?

Vaughn 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		1,900			$3.62			$3.39			$5.09			$0.40			$1.41
1333		1,600			3.05			2.60			3.96			0.57			0.57
1426		1,500			5.09			4.18			5.65			0.45			1.13
1437		1,700			4.07			3.50			3.62			0.28			1.02
1510		1,400			2.54			2.26			3.67			0.90			0.68
1522		1,200			3.39			3.05			4.29			0.45			0.57
1573		3,700			2.03			1.81			2.83			0.85			0.57
1626		1,700			5.31			5.88			6.78			0.57			1.13

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

The amount of Vaughn Company’s inventory?

  

Answer 1

tem No.	Quantity		Estimated	Cost to Complete	NRV N	Cost C	LCNRV
			Selling Price A	and Sell B	A-B	per Unit	Lower of C or N
1320	1,300		$4.91	$1.74	$3.17	$3.49	$3.17
1333	1,000		3.71	1.09	$2.62	2.94	$2.62
1426	900		5.45	1.53	$3.92	4.91	$3.92
1437	1,100		3.49	1.47	$2.02	3.92	$2.02
1510	800		3.54	1.53	$2.01	2.45	$2.01
1522	600		4.25	0.87	$3.38	3.27	$3.27
1573	3,100		2.73	1.31	$1.42	1.96	$1.42
1626	1,100		6.54	1.64	$4.90	5.12	$4.90
						Total	$23.33
The amount of Bridgeport Company’s inventory					$23.33	answer
Dear student there are two different question I have done the first one. If any doubt in this please comment