Question - Flounder Company follows the practice of pricing its inventory at LCNRV, on an individual-item basis.
|
Item No.
|
Quantity
|
Cost per Unit
|
Estimated Selling Price
|
Cost to Complete and Sell
|
|
1320
|
1,300
|
$4.00
|
$5.63
|
$2.00
|
|
1333
|
1,000
|
3.38
|
4.25
|
1.25
|
|
1426
|
900
|
5.63
|
6.25
|
1.75
|
|
1437
|
1,100
|
4.5
|
4
|
1.69
|
|
1510
|
800
|
2.81
|
4.06
|
1.75
|
|
1522
|
600
|
3.75
|
4.88
|
1
|
|
1573
|
3,100
|
2.25
|
3.13
|
1.5
|
|
1626
|
1,100
|
5.88
|
7.5
|
1.88
|
From the information above, determine the amount of Flounder Company inventory.