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Question
View History Bookmarks Window Help Seved Help Save&E; O You received partial credit in the previous attempt Check my work View previ amacen Hardware Store sells two product categories, tools and paint products.Information pertaining to its 2018 year-end inventory s as follows Per Unit Realizable 100.0 Ranners 5.00 $5.50 2.00 200 9.00 Serewdrivers Paint prodacsa iien ca Paint brushes 6.00 Required: 1 Determine the carrying value of inventory at year-end, assuming the lower of cost or net realizable value ALCNRV) rule is applied to Assuming that the company reports an inventory write-down as a line item in the income statement, for each of the LCNRV applications determine the amount of the loss Complete this question by entering your answers in the tabs below. Required 1 Requires 2 Assuming that the company reports an inventory write-down as a applications determine the amount of the lous line tem in the income statement, for each of the LCNRV
Explanation / Answer
Product Quanitity Per Unit Cost Per Unit NRV LCNRV Amout at Cost Amount at LCNRV Loss Tools Hammer 100 $5.00 $5.50 $5.00 $500.00 $500.00 $0.00 Saws 200 $10.00 $9.00 $9.00 $2,000.00 $1,800.00 $200.00 Screwdrivers 300 $2.00 $2.60 $2.00 $600.00 $600.00 $0.00 Total Category $3,100.00 $2,900.00 $200.00 Paint Product $0.00 $0.00 $0.00 Gallon Cans 500 $6.00 $5.00 $5.00 $3,000.00 $2,500.00 $500.00 Paint Brushes 100 $4.00 $4.50 $4.00 $400.00 $400.00 $0.00 Total Category $3,400.00 $2,900.00 $500.00 Total $6,500.00 $5,800.00 $700.00
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