Total Selling Price Calculation
What is the total selling price?
The total cost of 4800 pounds of the metal now held in inventory is 310000. The total selling price is 862000 and the estimated costs of disposal are 13800. At what amount should the inventory of 4800 pounds be reported in the balance sheet?
Total Selling Price Calculation
The total selling price can be calculated by adding the total cost of the metal inventory, the disposal costs, and the original cost of the inventory. The total selling price formula is: Total Selling Price = Total Cost of Metal Inventory + Disposal Costs + Original Cost of Inventory
In this case, the total selling price is $862000, the total cost of the metal inventory is $310000, and the estimated costs of disposal are $13800. To calculate the amount the inventory of 4800 pounds should be reported in the balance sheet, we can use the formula: Total Selling Price = 4800 pounds (inventory amount) + $13800 (disposal costs) Total Selling Price = $862000 Therefore, the amount the inventory of 4800 pounds should be reported in the balance sheet is $846200.