How do you calculate ideal weight if you're small framed?

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Hello everyone! :) I'm currently 5'4 120 lbs., but have a small frame. Because of this, I'd like to lose a few more lbs. of fat to better suit my frame.

I have run across the Hamwi formula for calculating your ideal weight based on your frame size. According to this formula, I should subtract 10% of my weight in order to find the ideal weight for a small frame. That would put my ideal weight at 108 lbs.

Do you find this formula to be accurate?