Concord Company follows the practice of pricing its inventory at LCNRV, on an individual-item basis. Cost Item No. Quantity per Unit Estimated Selling Price Cost to Complete and Sell 1320 1,700 $3.36 $4.73 $1.68 1333 1,400 2.84 3.57 1.05 1426 1,300 4.73 5.25 1.47 1437 1,500 3.78 3.36 1.42 1510 1,200 2.36 3.41 1.47 1522 1,000 3.15 4.10 0.84 1573 3,500 1.89 2.63 1.26 1626 1,500 4.94 6.30 1.58 From the information above, determine the amount of Concord Company inventory. The amount of Concord Company's inventory $
Concord Company follows the practice of pricing its inventory at LCNRV, on an individual-item basis. Cost Item No. Quantity per Unit Estimated Selling Price Cost to Complete and Sell 1320 1,700 $3.36 $4.73 $1.68 1333 1,400 2.84 3.57 1.05 1426 1,300 4.73 5.25 1.47 1437 1,500 3.78 3.36 1.42 1510 1,200 2.36 3.41 1.47 1522 1,000 3.15 4.10 0.84 1573 3,500 1.89 2.63 1.26 1626 1,500 4.94 6.30 1.58 From the information above, determine the amount of Concord Company inventory. The amount of Concord Company's inventory $
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Concord Company follows the practice of pricing its inventory at LCNRV, on an individual-item basis.
Cost
Item No. Quantity
per Unit
Estimated
Selling Price
Cost to Complete
and Sell
1320
1,700
$3.36
$4.73
$1.68
1333
1,400
2.84
3.57
1.05
1426
1,300
4.73
5.25
1.47
1437
1,500
3.78
3.36
1.42
1510
1,200
2.36
3.41
1.47
1522
1,000
3.15
4.10
0.84
1573
3,500
1.89
2.63
1.26
1626
1,500
4.94
6.30
1.58
From the information above, determine the amount of Concord Company inventory.
The amount of Concord Company's inventory $
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