Michael Bolton 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 |
|
1,400 |
|
|
$4.32 |
|
|
$4.05 |
|
|
$6.08 |
|
|
$0.47 |
|
|
$1.69 |
|
| 1333 |
|
1,100 |
|
|
3.65 |
|
|
3.11 |
|
|
4.73 |
|
|
0.68 |
|
|
0.68 |
|
| 1426 |
|
1,000 |
|
|
6.08 |
|
|
5.00 |
|
|
6.75 |
|
|
0.54 |
|
|
1.35 |
|
| 1437 |
|
1,200 |
|
|
4.86 |
|
|
4.19 |
|
|
4.32 |
|
|
0.34 |
|
|
1.22 |
|
| 1510 |
|
900 |
|
|
3.04 |
|
|
2.70 |
|
|
4.39 |
|
|
1.08 |
|
|
0.81 |
|
| 1522 |
|
700 |
|
|
4.05 |
|
|
3.65 |
|
|
5.13 |
|
|
0.54 |
|
|
0.68 |
|
| 1573 |
|
3,200 |
|
|
2.43 |
|
|
2.16 |
|
|
3.38 |
|
|
1.01 |
|
|
0.68 |
|
| 1626 |
|
1,200 |
|
|
6.35 |
|
|
7.02 |
|
|
8.10 |
|
|
0.68 |
|
|
1.35 |
|
From the information above, determine the amount of Bolton Company inventory.