Question

The inventory of Windsor Company on December 31, 2020, consists of the following items. Part Quantity...

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

Part

Quantity

Cost per Unit

Net Realizable Value

110

650 $109.00 $115.00

111

1,000 69.00 60.00

112

510 92.00 87.00

113

220 195.50 207.00

120

380 236.00 239.00

121

a

1,500 18.00 1.00

122

310 276.00 270.00


a Part No. 121 is obsolete and has a realizable value of $1.00 each as scrap.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

Homework Answers

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
The inventory of Oheto Company on December 31, 2020, consists of the following items. Part Quantity...
The inventory of Oheto Company on December 31, 2020, consists of the following items. Part Quantity Cost per Unit Net Realizable Value 110 600 $95.00 $100.00 111 1,000 60.00 52.00 112 500 80 76.00 113 200 170 180.00 120 400 205.00 208.00 121 a 1,600 16.00 1.00 122 300 240 235.00 a Part No. 121 is obsolete and has a realizable value of $1.00 each as scrap.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,...
The inventory of Vaughn Company on December 31, 2020, consists of the following items. Part Quantity...
The inventory of Vaughn Company on December 31, 2020, consists of the following items. Part Quantity Cost per Unit Net Realizable Value 110 650 $123.00 $129.00 111 1,010 77.40 67.00 112 470 103.20 98.00 113 190 219.30 232.20 120 390 264.00 268.00 121 a 1,700 21.00 1.00 122 270 309.60 303.00 a Part No. 121 is obsolete and has a realizable value of $1.00 each as scrap.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,...
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,...
The inventory of Splish Company on December 31, 2020, consists of the following items. Part Quantity...
The inventory of Splish Company on December 31, 2020, consists of the following items. Part Quantity Cost per Unit Net Realizable Value 110 650 $140.00 $147.00 111 990 88.20 76.00 112 530 117.60 112.00 113 180 249.90 264.60 120 390 301.00 306.00 121 a 1,500 24.00 1.00 122 270 352.80 345.00 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,...
Question 6 The inventory of Bonita Company on December 31, 2020, consists of the following items....
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...
he inventory of Metlock Company on December 31, 2017, consists of the following items. Part Quantity...
he inventory of Metlock Company on December 31, 2017, consists of the following items. Part Quantity Cost per Unit Net Realizable Value 110 580 $111 $117 111 910 70 61 112 540 94 89 113 190 199 211 120 400 240 243 121 a 1,600 19 1 122 270 281 275 a Part No. 121 is obsolete and has a realizable value of $1 each as scrap. (a) Determine the inventory as of December 31, 2017, by the LCNRV method,...
Wildhorse Corporation had the following items in inventory as at December 31, 2020: Item No. Quantity...
Wildhorse Corporation had the following items in inventory as at December 31, 2020: Item No. Quantity Unit Cost NRV A1 135 $2.70 $5.70 B4 190 2.50 2.45 C2 110 7.65 8.80 D3 130 7.90 7.45 Assume that Wildhorse uses a perpetual inventory system, and that none of the inventory items can be grouped together for accounting purposes. Prepare the year-end adjusting entry required to adjust to the lower of cost or net realizable value on an item-by-item basis using the...
Splish Company determined its ending inventory at cost and at LCNRV at December 31, 2020, December...
Splish Company determined its ending inventory at cost and at LCNRV at December 31, 2020, December 31, 2021, and December 31, 2022, as shown below. Cost NRV 12/31/20 $691,400 $691,400 12/31/21 755,300 683,900 12/31/22 954,100 876,300 Prepare the journal entries required at December 31, 2021, and at December 31, 2022, assuming that a perpetual inventory system and the cost-of-goods-sold method of adjusting to LCNRV is used. Prepare the journal entries required at December 31, 2021, and at December 31, 2022,...
Showtime Company’s ending inventory at December 31, 2020, includes the following items: Product Units on Hand...
Showtime Company’s ending inventory at December 31, 2020, includes the following items: Product Units on Hand Unit Cost Net Realizable Value Per Unit BB 30 $ 118 $ 123 FM 15 153 146 MB 44 194 180 SL 48 86 100 Required: Calculate LCNRV for the inventory: a. As a whole (assuming the items are similar).
Windsor Company uses the LCNRV method, on an individual-item basis, in pricing its inventory items. The...
Windsor Company uses the LCNRV method, on an individual-item basis, in pricing its inventory items. The inventory at December 31, 2020, included product X. Relevant per-unit data for product X are as follows. Estimated selling price $49 Cost 38 Estimated selling costs 15 Normal profit 9 There were 1,050 units of product X on hand at December 31, 2020. Product X was incorrectly valued at $38 per unit for reporting purposes. All 1,050 units were sold in 2021. Compute the...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT