Sedato Company follows the practice of pricing its inventory at LCNRV, on an individual-item basis. Item Quantit Cost per Estimated selling Cost to complete 1320 1200 $ 3.20 4.50 1.60 1333 900 2.70 3.40 1.00 1426 800 4.50 5.00 1.40 1437 1000 3.60 3.20 1.35 1510 700 2.25 3.25 1.40 1522 500 3.00 3.90 0.80 1573 3000 1.80 2.50 1.20 1626 1000 4.70 6.00 1.50 From the information above, determine the amount of Sedato Company inventory.

Sedato Company follows the practice of pricing its inventory at LCNRV, on an individual-item basis. Item Quantit Cost per Estimated selling Cost to complete 1320 1200 $ 3.20 4.50 1.60 1333 900 2.70 3.40 1.00 1426 800 4.50 5.00 1.40 1437 1000 3.60 3.20 1.35 1510 700 2.25 3.25 1.40 1522 500 3.00 3.90 0.80 1573 3000 1.80 2.50 1.20 1626 1000 4.70 6.00 1.50 From the information above, determine the amount of Sedato Company inventory.

Corporate Financial Accounting

14th Edition

ISBN:9781305653535

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter6: Inventories

Section: Chapter Questions

Problem 7DQ: Using the following data, how should the inventory be valued under lower of cost or market? Original...

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