Marin Company follows the practice of pricing its inventory at LCNRV, on an indi

Question

Marin 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 1,800 1,500 1,400 1,600 1,300 1,100 3,600 1,600 $3.90 3.29 5.49 4.39 2.75 3.66 2.20 5.73 $5.49 4.15 6.10 3.90 3.97 4.76 3.05 7.32 $1.95 1.22 1.71 1.65 1.71 0.98 1.46 1.83 From the information above, determine the amount of Marin Company inventory The amount of Marin Company's inventory

Explanation / Answer

Item no Quantity Cost per unit Estimated selling price Cost to complete and sell NRV Lower of cost or NRV Total inventory 1320 1800 3.9 5.49 1.95 3.54 3.54 6372 1333 1500 3.29 4.15 1.22 2.93 2.93 4395 1426 1400 5.49 6.1 1.71 4.39 4.39 6146 1437 1600 4.39 3.9 1.65 2.25 2.25 3600 1510 1300 2.75 3.97 1.71 2.26 2.26 2938 1522 1100 3.66 4.76 0.98 3.78 3.66 4026 1573 3600 2.2 3.05 1.46 1.59 1.59 5724 1626 1600 5.73 7.32 1.83 5.49 5.49 8784 41985 Tha amount of Marin company's inventory = $41985

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