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[answered] Metlock Company follows the practice of pricing its invento


Metlock 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 1,400 $3.33 $3.12 $4.68 $0.36 $1.30
1333 1,100 2.81 2.39 3.64 0.52 0.52
1426 1,000 4.68 3.85 5.20 0.42 1.04
1437 1,200 3.74 3.22 3.33 0.26 0.94
1510 900 2.34 2.08 3.38 0.83 0.62
1522 700 3.12 2.81 3.95 0.42 0.52
1573 3,200 1.87 1.66 2.60 0.78 0.52
1626 1,200 4.89 5.41 6.24 0.52 1.04


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


The amount of Metlock Company?s inventory

$


Solution.

 

Calculation of inventory valuation. Item no

 

1320

 

1333

 

1426

 

1437

 

1510

 

1522

 

1573

 

1626 Cost per unit Cost to replace NRV Net real value

 

less Normal

 

Value MV Quantity Final

 

Inventory

 

Value...

 


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