Question

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

Sarasota 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 $3.42 $3.21 $4.82 $0.37 $1.34
1333 1,300 2.89 2.46 3.75 0.54 0.54
1426 1,200 4.82 3.96 5.35 0.43 1.07
1437 1,400 3.85 3.32 3.42 0.27 0.96
1510 1,100 2.41 2.14 3.48 0.86 0.64
1522 900 3.21 2.89 4.07 0.43 0.54
1573 3,400 1.93 1.71 2.68 0.80 0.54
1626 1,400 5.03 5.56 6.42 0.54 1.07


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

The amount of Sarasota Company’s inventory : $

The answer is NOT 38635 , like they answered here before.

Homework Answers

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 $3.42 $3.21 $4.82 $0.37 $1.34 $4.45 $3.11 $3.21 $3.21 $5,136
1333 1,300 2.89 2.46 3.75 0.54 0.54 $3.21 $2.67 $2.67 $2.67 $3,471
1426 1200 4.82 3.96 5.35 0.43 1.07 $4.92 $3.85 $3.96 $3.96 $4,752
1437 1,400 3.85 3.32 3.42 0.27 0.96 $3.15 $2.19 $3.15 $3.15 $4,410
1510 1100 2.41 2.14 3.48 0.86 0.64 $2.62 $1.98 $2.14 $2.14 $2,354
1522 900 3.21 2.89 4.07 0.43 0.54 $3.64 $3.10 $3.10 $3.10 $2,790
1573 3,400 1.93 1.71 2.68 0.8 0.54 $1.88 $1.34 $1.71 $1.71 $5,814
1626 1,400 5.03 5.56 6.42 0.54 1.07 $5.88 $4.81 $5.56 $5.03 $7,042
Total $35,769
The amount of Sarasota Company’s inventory : $35769
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