Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Concord 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
Concord 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 | 1,500 | $3.36 | $3.15 | $4.73 | $0.37 | $1.31 | ||||||||||||
1333 | 1,200 | 2.84 | 2.42 | 3.68 | 0.53 | 0.53 | ||||||||||||
1426 | 1,100 | 4.73 | 3.89 | 5.25 | 0.42 | 1.05 | ||||||||||||
1437 | 1,300 | 3.78 | 3.26 | 3.36 | 0.26 | 0.95 | ||||||||||||
1510 | 1,000 | 2.36 | 2.10 | 3.41 | 0.84 | 0.63 | ||||||||||||
1522 | 800 | 3.15 | 2.84 | 3.99 | 0.42 | 0.53 | ||||||||||||
1573 | 3,300 | 1.89 | 1.68 | 2.63 | 0.79 | 0.53 | ||||||||||||
1626 | 1,300 | 4.94 | 5.46 | 6.30 | 0.53 | 1.05 |
From the information above, determine the amount of Concord Company inventory.
The amount of Concord Companys inventory | $enter the dollar amount of Concord Company's inventory |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started