Michael Bolton Company follows the practice of pricing its inventory at the lowe

Question

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 1,700 $5.47 $5.13 $7.70 $0.60 $2.14 1333 1,400 4.62 3.93 5.99 0.86 0.86 1426 1,300 7.70 6.33 8.55 0.68 1.71 1437 1,500 6.16 5.30 5.47 0.43 1.54 1510 1,200 3.85 3.42 5.56 1.37 1.03 1522 1,000 5.13 4.62 6.50 0.68 0.86 1573 3,500 3.08 2.74 4.28 1.28 0.86 1626 1,500 8.04 8.89 10.26 0.86 1.71 From the information above, determine the amount of Bolton Company inventory. The amount of Bolton Company’s inventory

Explanation / Answer

Michael Bolton Company follows the practice of pricing its inventory at the lowe

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