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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 | 1,800 | $5.92 | $5.55 | $8.33 | $0.65 | $2.31 | ||||||||||||
1333 | 1,500 | 5.00 | 4.26 | 6.48 | 0.93 | 0.93 | ||||||||||||
1426 | 1,400 | 8.33 | 6.85 | 9.25 | 0.74 | 1.85 | ||||||||||||
1437 | 1,600 | 6.66 | 5.74 | 5.92 | 0.46 | 1.67 | ||||||||||||
1510 | 1,300 | 4.16 | 3.70 | 6.01 | 1.48 | 1.11 | ||||||||||||
1522 | 1,100 | 5.55 | 5.00 | 7.03 | 0.74 | 0.93 | ||||||||||||
1573 | 3,600 | 3.33 | 2.96 | 4.63 | 1.39 | 0.93 | ||||||||||||
1626 | 1,600 | 8.70 | 9.62 | 11.10 | 0.93 | 1.85 |
From the information above, determine the amount of Bolton Company inventory.
The amount of Bolton Companys inventory | $ |
Please show how you got answer...So I can learn as well :) Thanks.
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