LCNRV means, inventory will value least of cost or net realizable value.
a)
Part | Quantity | Cost per unit | Net realizable value | LCNRV | Total of LCNRV (Quantity*LCNRV) |
110 | 660 | $ 138.00 | $ 145.00 | $ 138.00 | $ 91,080 |
111 | 1,030 | $ 87.00 | $ 75.00 | $ 75.00 | $ 77,250 |
112 | 520 | $ 116.00 | $ 110.00 | $ 110.00 | $ 57,200 |
113 | 180 | $ 246.50 | $ 261.00 | $ 246.50 | $ 44,370 |
120 | 370 | $ 297.00 | $ 302.00 | $ 297.00 | $ 1,09,890 |
121 | 1,700 | $ 23.00 | $ 1.00 | $ 1.00 | $ 1,700 |
122 | 320 | $ 348.00 | $ 341.00 | $ 341.00 | $ 1,09,120 |
Inventory as of December 31, 2020 | $ 4,90,610 |
b)
Part | Quantity | Cost per unit | Total cost | Net realizable value | Total net realizable value |
110 | 660 | $ 138.00 | $ 91,080 | $ 145.00 | $ 95,700 |
111 | 1,030 | $ 87.00 | $ 89,610 | $ 75.00 | $ 77,250 |
112 | 520 | $ 116.00 | $ 60,320 | $ 110.00 | $ 57,200 |
113 | 180 | $ 246.50 | $ 44,370 | $ 261.00 | $ 46,980 |
120 | 370 | $ 297.00 | $ 1,09,890 | $ 302.00 | $ 1,11,740 |
121 | 1,700 | $ 23.00 | $ 39,100 | $ 1.00 | $ 1,700 |
122 | 320 | $ 348.00 | $ 1,11,360 | $ 341.00 | $ 1,09,120 |
Total | $ 5,45,730 | $ 4,99,690 |
Inventory as of December 31, 2020 = $4,99,690
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Part
Quantity
Cost per Unit
Net Realizable Value
110
600
$107.00
$113.00
111
1,000
67.80
59.00
112
500
90.40
86.00
113
210
192.10
203.40
120
410
232.00
235.00
121
a
1,600
18.00
1.00
122
270
271.20
266.00
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Quantity
Cost per Unit
Net Realizable Value
110
620
$121
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111
1,080
76
66
112
540
102
97
113
220
216
229
120
440
260
264
121
a
1,400
20
1
122
330
305
298
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Quantity
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640
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$133
111
1,100
80
69
112
450
106
101
113
190
226
239
120
410
273
277
121
a
1,700
21
1
122
320
319
313
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