Question - Martinez 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
|
1,600
|
$3.46
|
$3.24
|
$4.86
|
$0.38
|
$1.35
|
|
1333
|
1,300
|
2.92
|
2.48
|
3.78
|
0.54
|
0.54
|
|
1426
|
1,200
|
4.86
|
4.00
|
5.40
|
0.43
|
1.08
|
|
1437
|
1,400
|
3.89
|
3.35
|
3.46
|
0.27
|
0.97
|
|
1510
|
1,100
|
2.43
|
2.16
|
3.51
|
0.86
|
0.65
|
|
1522
|
900
|
3.24
|
2.92
|
4.10
|
0.43
|
0.54
|
|
1573
|
3,400
|
1.94
|
1.73
|
2.70
|
0.81
|
0.54
|
|
1626
|
1,400
|
5.08
|
5.62
|
6.48
|
0.54
|
1.08
|
From the information above, determine the amount of Martinez Company inventory.