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1. What would be the companys ending inventory value after using individual item method.

Q1: Balance sheets are supposed to show true picture of a company and for that reasons its item must be valued at the end of an accounting period. Inventory being crucial item for a manufacture concern are adjusted by different methods and Lower the Cost of Market rule is one of them. Given below is the data of a company: Prod Quantit Cost per unit Cost to replace Est selling Price Cost of completion Normal Profit 1 1800 $1.00 2 $3.70 $2.30 $2.70 $2.00 1200 450 500 $4.50 $2.70 $3.00 $2.25 $5.00 $3.50 $3.80 $3.25 $0.40 $0.50 $0.40 $0.80 3 $0.50 $0.50 $0.60 4 $1.25 $0.90 5 2000 $3.00 $3.20 $4.50 $0.35 6 100 $3.10 $3.60 $3.20 $0.25 Required: i. What would be the company's ending inventory value after using individual item method. (4 Marks)