Safarl File Edit Viaw History Bookmarks Window Help (0 4) 40%00 Mon Mar 54:33 PM

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Safarl File Edit Viaw History Bookmarks Window Help (0 4) 40%00 Mon Mar 54:33 PM DIego Saavu Chapter 09 Pre-Built Problems Help Save &Exit; Su 1. Determine the carrying value of inventory at year-end, assuming the lower of cost or net realzable value LCNRV) rule Is applied to (a) individual products, product categories, and (c) total inventory. 2. Assuming that the company reports an inventory write-down as a line Item in the Income statement, for each of the LCNRV Check my w applications determine the amount of the loss. 10 poines Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine the carrying value of Inventory at year-end, assuming the lower of cost or net realizable value applied to (a) individual products, (b) product categories, and (c) total inventory Lower of cost and NRV By Product Net By Realizable By Total Tools: Saws Total tools Paint products: 1-gallon cans Paint brushes Total paint Total

Explanation / Answer

1.

2.

Working:

Lower of cost and NRV Net By By Realisable Individual Product By Total Product Cost Value Products Type Inventory Tools: Hammers 484 539 484 Saws 1316 1176 1176 Screwdrivers 336 480 336 Total tools 2136 2195 2136 Paint products: 1-gallon cans 2376 1936 1936 Paint brushes 374 429 374 Total paint 2750 2365 2365 Total 4886 4560 4306 4501 4560

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