Item No. | Quantity | Cost per Unit | Cost to Replace | Est. Selling Price | Cost of Completion and Disposal | Normal Profit |
1320 | 1800 | 3.58 | 3.36 | 5.04 | 0.39 | 1.40 |
1333 | 1500 | 3.02 | 2.58 | 3.92 | 0.56 | 0.56 |
1426 | 1400 | 5.04 | 4.14 | 5.60 | 0.45 | 1.12 |
1437 | 1600 | 4.03 | 3.47 | 3.58 | 0.28 | 1.01 |
1510 | 1300 | 2.52 | 2.24 | 3.64 | 0.90 | 0.67 |
1522 | 1100 | 3.36 | 3.02 | 4.26 | 0.45 | 0.56 |
1573 | 3600 | 2.02 | 1.79 | 2.80 | 0.84 | 0.56 |
1626 | 1600 | 5.26 | 5.82 | 6.72 | 0.56 | 1.12 |
Windsor Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis.
From the information above, determine the amount of Windsor Company inventory. The amount of Windsor Company’s inventory
Item No. | Quantity | Cost per Unit | Cost to Replace | Est. Selling Price | Cost of Completion and Disposal | Normal Profit | NRV | NRV less profit | Market | Lower of cost or market | Total of LCM |
1320 | 1800 | 3.58 | 3.36 | 5.04 | 0.39 | 1.4 | 4.65 | 3.25 | 3.36 | 3.36 | 6048 |
1333 | 1500 | 3.02 | 2.58 | 3.92 | 0.56 | 0.56 | 3.36 | 2.8 | 2.8 | 2.8 | 4200 |
1426 | 1400 | 5.04 | 4.14 | 5.6 | 0.45 | 1.12 | 5.15 | 4.03 | 4.14 | 4.14 | 5796 |
1437 | 1600 | 4.03 | 3.47 | 3.58 | 0.28 | 1.01 | 3.3 | 2.29 | 3.3 | 3.3 | 5280 |
1510 | 1300 | 2.52 | 2.24 | 3.64 | 0.9 | 0.67 | 2.74 | 2.07 | 2.24 | 2.24 | 2912 |
1522 | 1100 | 3.36 | 3.02 | 4.26 | 0.45 | 0.56 | 3.81 | 3.25 | 3.25 | 3.25 | 3575 |
1573 | 3600 | 2.02 | 1.79 | 2.8 | 0.84 | 0.56 | 1.96 | 1.4 | 1.79 | 1.79 | 6444 |
1626 | 1600 | 5.26 | 5.82 | 6.72 | 0.56 | 1.12 | 6.16 | 5.04 | 5.82 | 5.26 | 8416 |
Total | 42671 | ||||||||||
The amount of Windsor Company’s inventory = $42671 | |||||||||||
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