Calculate following
Part No | Quantity | Cost | NRV | Lower of Cost and NRV |
1062 | 900 | 121500 | 135000 | 121500 |
1153 | 1500 | 135000 | 117000 | 117000 |
1249 | 750 | 90000 | 85500 | 85500 |
1350 | 300 | 76500 | 81000 | 76500 |
Total | 423000 | 418500 | 400500 |
a) Inventory value = $400500
b) Inventory value = 418500
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