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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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This question was answered on: Sep 18, 2020
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