Question
- Question: Swifty Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis. Item No. Quantity Cost per unit cost to replace estimated selling price cost of completion and disposal normalSwifty Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis.Item No.QuantityCost per unitcost to replaceestimated selling pricecost of completion and disposalnormal profit13201,4003.303.094.64.361.2913331,1002.782.373.61.52.5214261,0004.643.815.15.411.0314371,2003.713.193.30.26.9315109002.322.063.35.82.6215227003.092.783.91.41.5215733,2001.851.652.58.77.5216261,2004.845.366.18.521.03From the information above, determine the amount of Swifty Company inventory.
The amount of Swifty Company’s inventory $_____________________
Answerlpooppp
| Item No. | Quantity | Cost per Unit | Cost to Replace | Estimated Selling Price | Cost of Completion and Disposal | Normal Profit | NRV | NRV less normal profit | Market | Lower of cost or market | Inventory value |
| 1320 | 1400 | 3.30 | 3.09 | 4.64 | 0.36 | 1.29 | 4.28 | 2.99 | 3.09 | 3.09 | 4326.00 |
| 1333 | 1100 | 2.78 | 2.37 | 3.61 | 0.52 | 0.52 | 3.09 | 2.57 | 2.57 | 2.57 | 2827.00 |
| 1426 | 1000 | 4.64 | 3.81 | 5.15 | 0.41 | 1.03 | 4.74 | 3.71 | 3.81 | 3.81 | 3810.00 |
| 1437 | 1200 | 3.71 | 3.19 | 3.30 | 0.26 | 0.93 | 3.04 | 2.11 | 3.04 | 3.04 | 3648.00 |
| 1510 | 900 | 2.32 | 2.06 | 3.35 | 0.82 | 0.62 | 2.53 | 1.91 | 2.06 | 2.06 | 1854.00 |
| 1522 | 700 | 3.09 | 2.78 | 3.91 | 0.41 | 0.52 | 3.50 | 2.98 | 2.98 | 2.98 | 2086.00 |
| 1573 | 3200 | 1.85 | 1.65 | 2.58 | 0.77 | 0.52 | 1.81 | 1.29 | 1.65 | 1.65 | 5280.00 |
| 1626 | 1200 | 4.84 | 5.36 | 6.18 | 0.52 | 1.03 | 5.66 | 4.63 | 5.36 | 4.84 | 5808.00 |
| Total | 29639.00 | ||||||||||
| The amount of Swifty Company’s inventory $ 29639 |
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