E9.7 (LO 2) (Lower-of-Cost-or-Market) Wangerin Company follows the practice of pricing its inventory at the...
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Accounting
E9.7 (LO 2) (Lower-of-Cost-or-Market) Wangerin Company follows the practice of pricing its inventory at the lowerofcostormarket, on an individual-item basis.
| Item No. | Quantity | Cost per Unit | Cost to Replace | Estimated Selling Price | Cost of Completion and Disposal | Normal 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 Wangerin Company inventory.
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