Exercise 9-7 Ivanhoe Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on...
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Exercise 9-7 Ivanhoe Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis. Cost per Estimated Selling Price Cost of Completion and Disposal Item No. Quantity Unit Replace 1320 1,500 1333 1,200 1426 1,100 1437 1,300 1510 1,000 1522 1573 3,300 1626 1,300 Normal Profit $1.31 0.53 1.05 0.95 0.63 0.53 0.53 1.05 Cost to $3.36 2.84 4.73 3.78 2.36 3.15 1.89 4.94 $3.15 2.42 3.89 3.26 2.10 2.84 1.68 5.46 $4.73 3.68 5.25 3.36 3.41 3.99 2.63 6.30 $0.37 0.53 0.42 0.26 0.84 0.42 0.79 0.53 800 From the information above, determine the amount of Ivanhoe Company inventory. The amount of Ivanhoe Company's inventory
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