Question
The inventory of Kingbird Company on December 31, 2020, consists of the following items. Part Quantity...
The inventory of Kingbird Company on December 31, 2020, consists
of the following items.
|
Part |
Quantity |
Cost per Unit |
Net Realizable Value |
||||
|---|---|---|---|---|---|---|---|
|
110 |
540 | $134.00 | $141.00 | ||||
|
111 |
970 | 84.60 | 73.00 | ||||
|
112 |
510 | 112.80 | 107.00 | ||||
|
113 |
200 | 239.70 | 253.80 | ||||
|
120 |
440 | 289.00 | 293.00 | ||||
|
121 |
a |
1,700 | 23.00 | 1.00 | |||
|
122 |
320 | 338.40 | 331.00 | ||||
a Part No. 121 is obsolete and has a realizable value of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 |
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