Question

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

Stellar 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 1,300 $3.23 $3.03 $4.55 $0.35 $1.26 1333 1,000 2.73 2.32 3.54 0.51 0.51 1426 900 4.55 3.74 5.05 0.40 1.01 1437 1,100 3.64 3.13 3.23 0.25 0.91 1510 800 2.27 2.02 3.28 0.81 0.61 1522 600 3.03 2.73 3.84 0.40 0.51 1573 3,100 1.82 1.62 2.53 0.76 0.51 1626 1,100 4.75 5.25 6.06 0.51 1.01 From the information above, determine the amount of Stellar Company inventory. The amount of Stellar Company’s inventory $____

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Answer #1

Answer- The amount of Stellar Company inventory = $28648.

Explanation-

Statement of Inventory using Lower of cost or market
Item No. Units Cost per unit $ Estimated Selling price $ (a) Cost to complete & Sell (b) Net Relizable value (c=a-b) Lower of cost or Net realizable value Value of Inventory $ Remark (Valued at)
1320 1300 3.23 4.55 0.35 4.20 3.23 4199 Cost price
1333 1000 2.73 3.54 0.51 3.03 2.73 2730 Cost price
1426 900 4.55 5.05 0.40 4.65 4.55 4095 Cost price
1437 1100 3.64 3.23 0.25 2.98 2.98 3278 Net Realizable
1510 800 2.27 3.28 0.81 2.47 2.27 1816 Cost price
1522 600 3.03 3.84 0.40 3.44 3.03 1818 Cost price
1573 3100 1.82 2.53 0.76 1.77 1.77 5487 Net Realizable
1626 1100 4.75 6.06 0.51 5.55 4.75 5225 Cost price
Total 28648
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