[The following information applies to the questions displayed below,] A home imp

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[The following information applies to the questions displayed below,] A home improvement store, like Lowe's, carries the following items: Cost per Inventory Items Hammers Saws Screwdrivers Drills 1-gallon paint cans Paintbrushes NRV per Unit 8.50 10.00 3.60 24.00 6.00 7.50 Quantity Unit 110 60 140 50 170 190 $ 8.00 11.00 3.00 26.00 6.50 7.00 7. value: Required information 2.77 points 2. Determine whether each inventory item would be reported at cost or net realizable value. Multiply the quantity of each inventory item by the appropriate cost or NRV amount and place the total in the "Lower of Cost and NRV" column. Then determine the total of that column Lower of Cost and NRV per unit Cost and NRV Inventory Items Total Hammers Saws Screwdrivers Drills 1-gallon paint cans Paint brushes Total

Explanation / Answer

2) Determine following :

Inventory items Cost and NRV Lower of cost and NRV per unit Total Hammers Cost 8.00 110*8 = 880 Saws NRV 10.00 60*10 = 600 Screwdrivers Cost 3.00 140*3 = 420 Drills NRV 24.00 50*24 = 1200 1-gallon paint cans NRV 6.00 170*6 = 1020 Paint brushes Cost 7.00 190*7 = 1330 Total 5450

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