Problem 9-1

Sheffield Company manufactures desks. Most of the companys desks are standard models and are sold on the basis of catalog prices. At December 31, 2017, the following finished desks (10 desks in each category) appear in the companys inventory. Finished Desks A B C D 2017 catalog selling price $438 $488 $916 $1,035 FIFO cost per inventory list 12/31/17 481 465 837 969 Estimated cost to complete and sell 53 112 275 211 2018 catalog selling price 525 563 916 1,204 The 2017 catalog was in effect through November 2017, and the 2018 catalog is effective as of December 1; catalog prices are net of the usual discounts. At what amount should each of the four desks appear in the companys December 31, 2017, inventory, assuming that the company has adopted a lower-of-FIFO-cost-or-net realizable value (LCNRV) approach for valuation of inventories on an individual-item basis?