Question

Question 6

The inventory of Bonita Company on December 31, 2020, consists of the following items.

Part			Quantity		Cost per Unit		Net Realizable Value
110			580		$111.00		$117.00
111			910		70.20		61.00
112			540		93.60		89.00
113			190		198.90		210.60
120			400		240.00		243.00
121	a		1,600		19.00		1.00
122			270		280.80		275.00

^a Part No. 121 is obsolete and has a realizable value of $1.00 each as scrap.

(a) Determine the inventory as of December 31, 2020, by the LCNRV method, applying this method to each item.

Inventory as of December 31, 2020

$ enter the Inventory as of December 31 in dollars

(b) Determine the inventory by the LCNRV method, applying the method to the total of the inventory.

Inventory as of December 31, 2020

$ enter the Inventory as of December 31 in dollars

Answer 1