Crane Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis. Cost per Cost to Estimated Selling Item No. Quantity Unit Replace Price Cost of Completion and Disposal Normal Profit 1320 1,300 $3.23 $3.03 $4.55 $0.35 $1.26 1333 1,000 2.73 2.32 3.54 0.51 0.51 1426 900 4.55 3.74 5.05 0.40 1.01 1437 1,100 3.64 3.13 3.23 0.25 0.91 1510 800 2.27 2.02 3.28 0.81 0.61 1522 600 3.03 2.73 3.84 0.40 0.51 1573 3,100 1.82 1.62 2.53 0.76 0.51 1626 1,100 4.75 5.25 6.06 0.51 1.01 From the information above, determine the amount of Crane Company inventory. The amount of Crane Company's inventory $

Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter8: Inventories: Special Valuation Issues
Section: Chapter Questions
Problem 13E: Retail Inventory Method The following information relates to the retail inventory method used by...
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Crane Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis.
Cost per
Cost to
Estimated Selling
Item No.
Quantity
Unit
Replace
Price
Cost of Completion and
Disposal
Normal
Profit
1320
1,300
$3.23
$3.03
$4.55
$0.35
$1.26
1333
1,000
2.73
2.32
3.54
0.51
0.51
1426
900
4.55
3.74
5.05
0.40
1.01
1437
1,100
3.64
3.13
3.23
0.25
0.91
1510
800
2.27
2.02
3.28
0.81
0.61
1522
600
3.03
2.73
3.84
0.40
0.51
1573
3,100
1.82
1.62
2.53
0.76
0.51
1626
1,100
4.75
5.25
6.06
0.51
1.01
From the information above, determine the amount of Crane Company inventory.
The amount of Crane Company's inventory
$
Transcribed Image Text:Crane Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis. Cost per Cost to Estimated Selling Item No. Quantity Unit Replace Price Cost of Completion and Disposal Normal Profit 1320 1,300 $3.23 $3.03 $4.55 $0.35 $1.26 1333 1,000 2.73 2.32 3.54 0.51 0.51 1426 900 4.55 3.74 5.05 0.40 1.01 1437 1,100 3.64 3.13 3.23 0.25 0.91 1510 800 2.27 2.02 3.28 0.81 0.61 1522 600 3.03 2.73 3.84 0.40 0.51 1573 3,100 1.82 1.62 2.53 0.76 0.51 1626 1,100 4.75 5.25 6.06 0.51 1.01 From the information above, determine the amount of Crane Company inventory. The amount of Crane Company's inventory $
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