Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Sage 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
Sage 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 | 1,700 | $3.49 | $3.27 | $4.91 | $0.38 | $1.36 | ||||||||||||
1333 | 1,400 | 2.94 | 2.51 | 3.82 | 0.55 | 0.55 | ||||||||||||
1426 | 1,300 | 4.91 | 4.03 | 5.45 | 0.44 | 1.09 | ||||||||||||
1437 | 1,500 | 3.92 | 3.38 | 3.49 | 0.27 | 0.98 | ||||||||||||
1510 | 1,200 | 2.45 | 2.18 | 3.54 | 0.87 | 0.65 | ||||||||||||
1522 | 1,000 | 3.27 | 2.94 | 4.14 | 0.44 | 0.55 | ||||||||||||
1573 | 3,500 | 1.96 | 1.74 | 2.73 | 0.82 | 0.55 | ||||||||||||
1626 | 1,500 | 5.12 | 5.67 | 6.54 | 0.55 | 1.09 |
From the information above, determine the amount of Sage Company inventory.
The amount of Sage Companys 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