please explain. ment MESS Exercise 9-7 Culver Company follows the practice of pr

Question

please explain.

ment MESS Exercise 9-7 Culver Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis. EstimatedCost of Item No. Quantity Unit Replace per Cost to SellingCompletion Normal and DisposalProfit 1320 1,5009$3.18 50.37 0.53 0.42 0.27 0.85 0.42 0.80 0.53 $4.77 1333 1,200 2.36 1426 1,1004.77 1437 1,3003.82 1510 1,000 2.39 1522 800 1573 3,300 1626 1,300 2.44 3.92 3.29 2.12 2.86 ,70 5.51 3.71 5,30 3.39 3.45 4.03 2.65 6.36 $1.33 0.53 1.06 0.95 0.64 0.53 0.53 1.06 3.18 1,91 4.98 From the information above, determine the amount of Culver Company inventory. The amount of Culver Company's inventory s Click if you would like to Show Work for this question: Opan Shaw Wack Question ay Polky g2000 2018 lohn Wiley &Sons; Ioc All Rights Reserved. A Division of leln Wiley & Sore In

Explanation / Answer

So the amount of Culver company's inventory = $35,333.

Item No Quantity(D) Cost per unit Estimated selling price(A) Cost of disposal(B) Market value(A-B) Lower of cost or market(C) Value(C*D) 1320 1500 3.39 4.77 .37 4.40 3.39 5085 1333 1200 2.86 3.71 .53 3.18 2.86 3432 1426 1100 4.77 5.30 .42 4.88 4.77 5247 1437 1300 3.82 3.39 .27 3.12 3.12 4056 1510 1000 2.39 3.45 .85 2.60 2.39 2390 1522 800 3.18 4.03 .42 3.61 3.18 2544 1573 3300 1.91 2.65 .80 1.85 1.85 6105 1626 1300 4.98 6.36 .53 5.83 4.98 6474 Total $35,333

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