Exercise 9-7 Your answer is incorrect. Try again Nash Company follows the practi

Question

Exercise 9-7 Your answer is incorrect. Try again Nash Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis Cost per Cost of Completion and Disposal Estimated Item No. Quantity Unit Replace 1320 1,700 1333 1,400 1426 1,300 1437 1,500 1510 1,200 1522 1,000 1573 3,500 1626 1,500 Cost to Normal Profit Selling Price $3.49$3.27 2.51 4.03 3.38 2.18 2.94 1.74 5.67 $4.91 3.82 5.45 3.49 3.54 4.14 2.73 6.54 $0.38 0.55 0.44 0.27 0.87 0.44 0.82 0.55 $1.36 2.94 4.91 3.92 0.55 1.09 0.98 0.65 0.55 0.55 1.09 3.27 1.96 5.12 From the information above, determine the amount of Nash Company inventory The amount of Nash Company's inventory 34215

Explanation / Answer

Item no Cost Cost to replace NRV NRV less profit Market Lower of cost or market Quantity Inventory 1320 3.49 3.27 4.53 3.17 3.27 3.27 1700 5559 1333 2.94 2.51 3.27 2.72 2.72 2.72 1400 3808 1426 4.91 4.03 5.01 3.92 4.03 4.03 1300 5239 1437 3.92 3.38 3.22 2.24 3.22 3.22 1500 4830 1510 2.45 2.18 2.7 2.05 2.18 2.18 1200 2616 1522 3.27 2.94 3.7 3.15 3.15 3.15 1000 3150 1573 1.96 1.74 1.91 1.36 1.74 1.74 3500 6090 1626 5.12 5.67 5.99 4.9 5.67 5.12 1500 7680 Total 38972 Amount of Nash company's inventory = 38972

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