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Serhud [2]
2 years ago
6

Sedato Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis.

Mathematics
1 answer:
lesantik [10]2 years ago
4 0

Answer:

$24,110    

Step-by-step explanation:

From the given information, we have:

Item No.   Quantity   Cost per Unit  Cost to Replace  Estimated Selling Price

1320             1,200           $3.20                    $3.00                   $4.50

1333                900             2.70                       2.30                     3.50

1426               800              4.50                       3.70                     5.00

1437               1,000            3.60                        3.10                    3.20

1510                700              2.25                        2.00                   3.25

1522               500            3.00                         2.70                    3.80

1573                3,000         1.80                         1.60                     2.50

1626                 1,000        4.70                         5.20                    6.00

Cost of Completion and Disposal       Normal Profit          Final Inventory

$0.35                                                        $1.25                     $3600

0.50                                                          0.50                     $2,250

0.40                                                           1.00                        $2960

0.25                                                           0.90                       $2950

0.80                                                            0.60                       $1400

0.40                                                           0.50                       $1450

0.75                                                           0.50                        $4800

0.50                                                            1.00                    <u>   </u><u>$4700  </u>

                                                                                                 $24,110        

To determine the amount of Inventory, we multiply the designated market value with the quantity, then sum all the results up but in the last part,we use the cost per unit instead becuase it is lower than the designated market value.

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7 0
3 years ago
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