Question

Item No. Quantity Cost per Unit Cost to Replace Est. Selling Price Cost of Completion and...

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

Homework Answers

Answer #1
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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