Question 1 Ivanhoe Company follows the practice of pricing its inventory at the

Question

Question 1 Ivanhoe 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 Normal Profit $1.29 0.52 1.03 0.93 0.62 0.52 0.52 1.03 Item Cost to No. Quantity Unit Replace 13201,400 1333 1426 1,000 1437 1,200 1510 1522 15733,200 1626 1,200 $3.30 2.78 4.64 3.71 2.32 3.09 1.85 4.84 $3.09 2.37 3.81 3.19 2.06 2.78 1.65 5.36 $4.64 3.61 5.15 3.30 3.35 3.91 2.58 6.18 $0.36 0.52 0.41 0.26 0.82 0.41 0.77 0.52 1,100 900 700 From the information above, determine the amount of Ivanhoe Company inventory The amount of Ivanhoe Company's inventorys

Explanation / Answer

Item No. Quantity (A) Cost per unit (B) Cost to replace© Lowe of cost or market (D) Total inventory =A X D 1320 1400                              3.30                             3.09 $3.09 $4,326.00 1333 1100                              2.78                             2.37 $2.37 $2,607.00 1426 1000                              4.64                             3.81 $3.81 $3,810.00 1437 1200                              3.71                             3.19 $3.19 $3,828.00 1510 900                              2.32                             2.06 $2.06 $1,854.00 1522 700                              3.09                             2.78 $2.78 $1,946.00 1573 3200                              1.85                             1.65 $1.65 $5,280.00 1626 1200                              4.84                             5.36 $4.84 $5,808.00 TOTAL $29,459 Answer =Amount of inventory = $ 29,459

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