(Lower of Cost or Market) Sedato Company follows the practice of pricing its inventory at the lower of cost or market, on an individual item basis.
|
Item |
Quantity |
Cost |
Cost to |
Estimated |
Cost of Completion |
Normal |
|
1320 |
1,200 |
$3.20 |
$3.00 |
$4.50 |
$0.35 |
$1.25 |
|
1333 |
900 |
2.70 |
2.30 |
3.40 |
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 |
0.45 |
0.90 |
|
1510 |
700 |
2.25 |
2.00 |
3.25 |
0.80 |
0.60 |
|
1522 |
500 |
3.00 |
2.70 |
3.90 |
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 Sedato Company’s inventory.