Shamrock Company follows the practice of pricing its inventory at the lower-of-c

Question

Shamrock 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 Selling Normal Price $4.00 3.38 5.63 4.50 2.81 3.75 2.25 5.88 $3.75 2.88 4.63 3.88 2.50 3.38 2.00 6.50 $5.63 4.38 6.25 4.00 4.06 4.75 3.13 7.50 $0.44 0.63 0.50 0.31 1.00 0.50 0.94 0.63 Profit $1.56 0.63 1.25 1.13 0.75 0.63 0.63 1.25 From the information above, determine the amount of Shamrock Company inventory The amount of Shamrock Company's inventory 45022

Explanation / Answer

Item no. Cost per unit Cost to replace NRV NRV less profit Market Lower of cost or market Quantity Inventory value 1320 4 3.75 5.19 3.63 3.75 3.75 1700 6375 1333 3.38 2.88 3.75 3.12 3.12 3.12 1400 4368 1426 5.63 4.63 5.75 4.5 4.63 4.63 1300 6019 1437 4.5 3.88 3.69 2.56 3.69 3.69 1500 5535 1510 2.81 2.5 3.06 2.31 2.5 2.5 1200 3000 1522 3.75 3.38 4.25 3.62 3.62 3.62 1000 3620 1573 2.25 2 2.19 1.56 2 2 3500 7000 1626 5.88 6.5 6.87 5.62 6.5 5.88 1500 8820 Total 44737 The amount of Shamrock company's inventory = 44737

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