Description
E9-3 (Lower-of-Cost-or-Market) Michael Bolton Company follows the practice of pricing its inventory
at the lower-of-cost-or-market, on an individual-item basis.
Item Cost Cost to Estimated Cost of Completion Normal
No. Quantity per Unit Replace Selling Price and Disposal Profit
1320 1,200 $3.20 $3.00 $4.50 $0.35 $1.25
1333 900 2.70 2.30 3.50 0.50 0.50
1426 800 4.50 3.70 5.00 0.40 1.00
1437 1,000 3.60 3.10 3.20 0.25 0.90
1510 700 2.25 2.00 3.25 0.80 0.60
1522 500 3.00 2.70 3.80 0.40 0.50
1573 3,000 1.80 1.60 2.50 0.75 0.50
1626 1,000 4.70 5.20 6.00 0.50 1.00
Instructions
From the information above, determine the amount of Bolton Company inventory
Explanation & Answer
Review
Review
24/7 Homework Help
Stuck on a homework question? Our verified tutors can answer all questions, from basic math to advanced rocket science!