X Your answer is incorrect. Try again Novak Company follows the practice of pric

Question

X Your answer is incorrect. Try again Novak Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis Cost of Completion and Disposal Estimated Cost per Item No. Quantity Uni Replace 1320 1,600 $3.42 1333 1,300 1426 1,200 1437 1,400 1510 1,100 1522 1573 3,400 1626 1,400 Normal Profit $1.34 0.54 1.07 0.96 0.64 0.54 0.54 1.07 Cost to Selling Price $3.21 2.46 3.96 3.32 2.14 2.89 1.71 5.56 $0.37 0.54 $4.82 3.75 5.35 3.42 3.48 4.07 2.68 6.42 2.89 4.82 3.85 3.21 1.93 5.03 0.27 0.86 0.43 0.80 0.54 900 From the information above, determine the amount of Novak Company inventory

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 1600 3.42 3.21 4.82 0.37 1.34 4.45 3.11 3.21 3.21 5136 1333 1300 2.89 2.46 3.75 0.54 0.54 3.21 2.67 2.67 2.67 3471 1426 1200 4.82 3.96 5.35 0.43 1.07 4.92 3.85 3.96 3.96 4752 1437 1400 3.85 3.32 3.42 0.27 0.96 3.15 2.19 3.15 3.15 4410 1510 1100 2.41 2.14 3.48 0.86 0.64 2.62 1.98 2.14 2.14 2354 1522 900 3.21 2.89 4.07 0.43 0.54 3.64 3.1 3.1 3.1 2790 1573 3400 1.93 1.71 2.68 0.8 0.54 1.88 1.34 1.71 1.71 5814 1626 1400 5.03 5.56 6.42 0.54 1.07 5.88 4.81 5.56 5.03 7042 35769 Novak company's inventory = $35769

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