Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Skysong 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
Skysong 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 | 1,500 | $3.39 | $3.18 | $4.77 | $0.37 | $1.33 | ||||||||||||
1333 | 1,200 | 2.86 | 2.44 | 3.71 | 0.53 | 0.53 | ||||||||||||
1426 | 1,100 | 4.77 | 3.92 | 5.30 | 0.42 | 1.06 | ||||||||||||
1437 | 1,300 | 3.82 | 3.29 | 3.39 | 0.27 | 0.95 | ||||||||||||
1510 | 1,000 | 2.39 | 2.12 | 3.45 | 0.85 | 0.64 | ||||||||||||
1522 | 800 | 3.18 | 2.86 | 4.03 | 0.42 | 0.53 | ||||||||||||
1573 | 3,300 | 1.91 | 1.70 | 2.65 | 0.80 | 0.53 | ||||||||||||
1626 | 1,300 | 4.98 | 5.51 | 6.36 | 0.53 | 1.06 |
From the information above, determine the amount of Skysong Company inventory.
The amount of Skysong Companys inventory | $enter the dollar amount of Skysong Company's 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