Michael Bolton Company follows the practice

 Michael Bolton Company follows the practice

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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	1,600	$4.22	$3.96	$5.94	$0.46	$1.65
1333	1,300	3.56	3.04	4.62	0.66	0.66
1426	1,200	5.94	4.88	6.60	0.53	1.32
1437	1,400	4.75	4.09	4.22	0.33	1.19
1510	1,100	2.97	2.64	4.29	1.06	0.79
1522	900	3.96	3.56	5.02	0.53	0.66
1573	3,400	2.38	2.11	3.30	0.99	0.66
1626	1,400	6.20	6.86	7.92	0.66	1.32

From the information above, determine the amount of Bolton Company inventory.

The inventory of 3T Company on December 31, 2014, consists of the following items.

Part No.

Quantity

Cost per Unit

Cost to Replace per Unit

110 600 $122 $135

111 1,150 81 70

112 590 108 103

113 260 230 243

120 410 277 281

121 a 1,600 22 19

122 310 324 317

a Part No. 121 is obsolete and has a realizable value of $0.68 each as scrap.

(a) Determine the inventory as of December 31, 2014, by the lower-of-cost-or-market method, applying this method directly to each item.

(a) Determine the inventory as of December 31, 2014, by the lower-of-cost-or-market method, applying this method directly to each item.

(b) Determine the inventory by the lower-of-cost-or-market method, applying the method to the total of the inventory.

Smashing Pumpkins Company uses the lower-of-cost-or-market method, on an individual-item basis, in pricing its inventory items. The inventory a

December 31, 2014, consists of products D, E, F, G, H, and I. Relevant per-unit data for these products appear below.

Item D

Item E

Item F

Item G

Item H

Item I

Estimated selling price $158 $145 $125 $119 $145 $119

Cost 99 106 106 106 66 48

Replacement cost 158 95 92 40 92 40

Estimated selling expense 40 40 40 33 40 40

Normal profit 26 26 26 26 26 26

Using the lower-of-cost-or-market rule, determine the proper unit value for balance sheet reporting purposes at December 31, 2014, for each of the inventory items above.