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a Part No. 121 is obsolete and has a realizable value of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 |
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