Question

This data is for selected inventory items at Deluxe Supply Company. Quantity Unit Cost Net Realizable Value Printer Cartridges Item 119 66 $ 32.00 $ 32.50 Item 120 76 27.25 24.50 Item 121 106 31.00 27.50 Fax Machines Item 210 23 94.00 97.00 Item 211 18 200.00 194.00 Item 212 17 233.00 218.00 Required: 1&2. Determine the total amount to be reported as the inventory valuation at cost or net realizable value, whichever is lower, under lower of cost or net realizable value for each item separately and lower of total cost or total realizable value. 3. Determine the total amount to be reported as the inventory valuation at cost or net realizable value, whichever is lower, under lower of total cost or total net realizable value by group. Analyze: Which valuation method will yield the highest net income?

Complete this question by entering your answers in the tabs below. Req 1 and 2Req 3Analyze Determine the total amount to be reported as the inventory valuation at cost or net realizable value, whichever is lower, under lower of total cost or total net realizable value by group. (Round your answers to 2 decimal places.) Lower of total cost or total market by groups Printer Cartridges Fax Machines Total inventory by groups $0.00 Req 1 and 2Analyze Which valuation method will yield the highest net income? valuation method will yield the highest net income?

Answer 1

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