Question

Bridgeport Company follows the practice of pricing its inventory at LCNRV, on an individual-item basis. Item...

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 ?
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Homework Answers

Answer #1
NRV = Selling price - Cost to complete and sell
Item No. Quantity Cost S.P(A) C to Comp. and Sell(B) NRV(A-B) L of C or NRV Units * LCNRV
1320 1,300 3.49 4.91 1.74 3.17 3.17 4121
1333 1,000 2.94 3.71 1.09 2.62 2.62 2620
1426 900 4.91 5.45 1.53 3.92 3.92 3528
1437 1,100 3.92 3.49 1.47 2.02 2.02 2222
1510 800 2.45 3.54 1.53 2.01 2.01 1608
1522 600 3.27 4.25 0.87 3.38 3.27 1962
1573 3,100 1.96 2.73 1.31 1.42 1.42 4402
1626 1,100 5.12 6.54 1.64 4.9 4.9 5390
25853
Therefore ending inventory = $25,853
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