Exercise 9-7 XYour answer is incorrect. Try again Skysong Company follows the pr

Question

Exercise 9-7 XYour answer is incorrect. Try again Skysong Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis Cost per Estimated Selling Price Cost of Completion and Disposal Item No. Quantity Unit Replace 1320 1,600 1333 1,300 1426 1,200 1437 1,400 1510 1,100 1522 1573 3,400 1626 1,400 Normal Profit $1.54 0.62 1.23 1.11 0.74 0.62 0.62 1.23 Cost to $3.69 2.83 4.55 3.81 2.46 3.32 1.97 6.40 $5.54 4.31 6.15 3.94 4.00 4.67 3.08 7.38 $0.43 0.62 0.49 0.31 0.98 0.49 0.92 0.62 $3.94 36- 3.32 5.54 4.43 2.77 3.69 2.21 5.78 900 From the information above, determine the amount of Skysong Company inventory The amount of Skysong Company's inventory 40861

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 1,600 $3.94 $3.69 $5.54 $0.43 $1.54 $5.11 $3.57 $3.69 $3.69 $5,904 1333 1,300 3.32 2.83 4.31 0.62 0.62 $3.69 $3.07 $3.07 $3.07 $3,991 1426 1200 5.54 4.55 6.15 0.49 1.23 $5.66 $4.43 $4.55 $4.55 $5,460 1437 1,400 4.43 3.81 3.94 0.31 1.11 $3.63 $2.52 $3.63 $3.63 $5,082 1510 1100 2.77 2.46 4 0.98 0.74 $3.02 $2.28 $2.46 $2.46 $2,706 1522 900 3.69 3.32 4.67 0.49 0.62 $4.18 $3.56 $3.56 $3.56 $3,204 1573 3,400 2.21 1.97 3.08 0.92 0.62 $2.16 $1.54 $1.97 $1.97 $6,698 1626 1,400 5.78 6.4 7.38 0.62 1.23 $6.76 $5.53 $6.40 $5.78 $8,092 Total $41,137 The amount of Headland Company’s inventory = $41137

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