intermidiate accounting 15th edition..chapter 9 ex E9-3

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Question 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


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(Top Tutor) Daniel C.
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