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Exercise 9-3 Michael Bolton 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
Exercise 9-3 Michael Bolton 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 | 1,600 | $5.89 | $5.52 | $8.28 | $0.64 | $2.30 | ||||||||||||
1333 | 1,300 | 4.97 | 4.23 | 6.44 | 0.92 | 0.92 | ||||||||||||
1426 | 1,200 | 8.28 | 6.81 | 9.20 | 0.74 | 1.84 | ||||||||||||
1437 | 1,400 | 6.62 | 5.70 | 5.89 | 0.46 | 1.66 | ||||||||||||
1510 | 1,100 | 4.14 | 3.68 | 5.98 | 1.47 | 1.10 | ||||||||||||
1522 | 900 | 5.52 | 4.97 | 6.99 | 0.74 | 0.92 | ||||||||||||
1573 | 3,400 | 3.31 | 2.94 | 4.60 | 1.38 | 0.92 | ||||||||||||
1626 | 1,400 | 8.65 | 9.57 | 11.04 | 0.92 | 1.84 |
From the information above, determine the amount of Bolton Company inventory.
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