Exercise 9-3 Kingbird Company follows the practice of pricing its inventory at L

Question

Exercise 9-3 Kingbird Company follows the practice of pricing its inventory at LCNRV, on an individual-item basis Cost per Unit Estimated Selling Price Cost to Complete and Sell Item No 1320 1333 1426 1437 1510 1522 1573 1626 Quantity 1,900 1,600 1,500 1,700 1,400 1,200 3,700 1,700 $3.94 3.32 5.54 4.43 2.77 3.69 2.21 5.78 $5.54 4.18 6.15 3.94 4.00 4.80 3.08 7.38 $1.97 1.23 1.72 1.66 1.72 0.98 1.48 1.85 From the information above, determine the amount of Kingbird Company inventory The amount of Kingbird Company's inventory

Explanation / Answer

Calculate cost of inventory under LCNRV :

The amount of kingbird company's inventory is $44965

Item no Quantity Cost per unit NRV per unit LCNRV per unit Value under LCNRV 1320 1900 3.94 3.57 3.57 6783 1333 1600 3.32 2.95 2.95 4720 1426 1500 5.54 4.43 4.43 6645 1437 1700 4.43 2.28 2.28 3876 1510 1400 2.77 2.28 2.28 3192 1522 1200 3.69 3.82 3.69 4428 1573 3700 2.21 1.60 1.60 5920 1626 1700 5.78 5.53 5.53 9401 Total 44965

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