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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
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 | 1,400 | $4.64 | $4.35 | $6.53 | $0.51 | $1.81 | ||||||||||||
1333 | 1,100 | 3.92 | 3.34 | 5.08 | 0.73 | 0.73 | ||||||||||||
1426 | 1,000 | 6.53 | 5.37 | 7.25 | 0.58 | 1.45 | ||||||||||||
1437 | 1,200 | 5.22 | 4.50 | 4.64 | 0.36 | 1.31 | ||||||||||||
1510 | 900 | 3.26 | 2.90 | 4.71 | 1.16 | 0.87 | ||||||||||||
1522 | 700 | 4.35 | 3.92 | 5.51 | 0.58 | 0.73 | ||||||||||||
1573 | 3,200 | 2.61 | 2.32 | 3.63 | 1.09 | 0.73 | ||||||||||||
1626 | 1,200 | 6.82 | 7.54 | 8.70 | 0.73 | 1.45 |
From the information above, determine the amount of Bolton Company inventory.
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