The inventory of Whispering Company on December 31, 2017, consists of the ollowi

Question

The inventory of Whispering Company on December 31, 2017, consists of the ollowing items. tity per Unit Net Realizable Value 550 910 450 180 130 1,600 300 110 112 113 120 121 122 $105 67 89 189 228 18 266 $111 58 84 200 231 261 3 Part No. 121 is obsolete and has a realizable value of $1 each as scrap.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, applving this method to each item. Inventory as of December 31, 2017 (b) Determine the inventory by the LCNRV method, applying the method to the total of the inventory. Inventory as of December 31, 2017 s Click if you would like to Show Work for this question: orE ShOWAWCK Ouestion Attemots: 0 of 3 used A o

Explanation / Answer

a. Inventory as of December 31, 2017 = $ 360,290

b. Inventory as of December 31, 2017 = $ 366,860 (lower of $ 399,430 and $ 366,860)

Part Quantity (a) Cost per unit (b) Net realizable value (c) Total cost (d) = (a * b) Total net realizable value (e) = (a * c) Total LCNRV 110 550 105 111 57,750 61,050 57,750 111 910 67 58 60,970 52,780 52,780 112 450 89 84 40,050 37,800 37,800 113 180 189 200 34,020 36,000 34,020 120 430 228 231 98,040 99,330 98,040 121 1,600 18 1 28,800 1,600 1,600 122 300 266 261 79,800 78,300 78,300 399,430 366,860 360,290

Related Questions

Navigate

• Browse (All)
• Browse T
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.