AExercise 9-7 x Your answer is incorrect. Try again. Pharoah Com pany follows th

Question

AExercise 9-7 x Your answer is incorrect. Try again. Pharoah Com pany follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis. Cost per Estimated Cost of Item Cost to Unit Replace Price and Disposal Profit 13201,700 $4.00 1333 1,400 3.38 1426 1,300 14371,500 1510 1,200 2.81 1522 1,000 3.75 1573 3,500 2.25 1626 1,500 5.88 $3.75 2.88 4.63 3,88 2.50 3.38 2.00 6.50 $5.63 4.38 6.25 4.00 4.06 4.75 3.13 7.50 $0.44 0.63 0.50 0.31 1.00 0.50 0.94 0.63 $1.56 0.63 1.25 1.13 0.75 0.63 0.63 1.25 5.63 4.50 From the information above, determine the amount of Pharoah Company inventory. The amount of Pharoah Company's inventory Click if you would like to Show Work for this question: Open Show Worlk

Explanation / Answer

Item No. Quantity Cost per Unit Cost to Replace Estimated Selling Price Cost of Completion and Disposal Normal Profit NRV NRV less normal profit Market Lower of cost or market Inventory value 1320 1,700 $4.00 $3.75 $5.63 $0.44 $1.56 $5.19 $3.63 $3.75 $3.75 $6,375 1333 1,400 3.38 2.88 4.38 0.63 0.63 $3.75 $3.12 $3.12 $3.12 $4,368 1426 1300 5.63 4.63 6.25 0.5 1.25 $5.75 $4.50 $4.63 $4.63 $6,019 1437 1,500 4.5 3.88 4 0.31 1.13 $3.69 $2.56 $3.69 $3.69 $5,535 1510 1200 2.81 2.5 4.06 1 0.75 $3.06 $2.31 $2.50 $2.50 $3,000 1522 1000 3.75 3.38 4.75 0.5 0.63 $4.25 $3.62 $3.62 $3.62 $3,620 1573 3,500 2.25 2 3.13 0.94 0.63 $2.19 $1.56 $2.00 $2.00 $7,000 1626 1,500 5.88 6.5 7.5 0.63 1.25 $6.87 $5.62 $6.50 $5.88 $8,820 Total $44,737 The amount of Pharoah Company’s inventory = $44737

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