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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122 310 324 317 a Part No. 121 is obsolete and has a realizable value of $0.68 each as scrap.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,