Question - Buffalo Company follows the practice of pricing its inventory at the lower-of-cost-or-market, 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
|
1,500
|
$3.36
|
$3.15
|
$4.73
|
$0.37
|
$1.31
|
|
1333
|
1,200
|
2.84
|
2.42
|
3.68
|
0.53
|
0.53
|
|
1426
|
1,100
|
4.73
|
3.89
|
5.25
|
0.42
|
1.05
|
|
1437
|
1,300
|
3.78
|
3.26
|
3.36
|
0.26
|
0.95
|
|
1510
|
1,000
|
2.36
|
2.10
|
3.41
|
0.84
|
0.63
|
|
1522
|
800
|
3.15
|
2.84
|
3.99
|
0.42
|
0.53
|
|
1573
|
3,300
|
1.89
|
1.68
|
2.63
|
0.79
|
0.53
|
|
1626
|
1,300
|
4.94
|
5.46
|
6.30
|
0.53
|
1.05
|
From the information above, determine the amount of Buffalo Company inventory.