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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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