Exercise 9-1
The inventory of Skysong Company on December 31, 2017, consists
of the following items.
Part |
Quantity |
Cost per Unit |
Net Realizable Value |
||||
110 | 620 | $121 | $127 | ||||
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 |
a Part No. 121 is obsolete and has a realizable value of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, applying 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 | $
|
(a)
The inventory value as of December 31, 2017 by using method to each item is:
Hence, the inventory value as of December 31, 2017 is $460,340.
Working Note:
The inventory value as of December 31, 2017 is calculated above by using formulas of MS excel:
(b)
The inventory value as of December 31, 2017 by using method to the total of the inventory is:
Hence, the inventory value as of December 31, 2017 is $468,680.
Working Note:
The inventory value as of December 31, 2017 is calculated above by using formulas of MS excel:
Exercise 9-1 The inventory of Skysong Company on December 31, 2017, consists of the following items....
Exercise 9-1 The inventory of Windsor Company on December 31, 2017, consists of the following items. Part Quantity Cost per Unit Net Realizable Value 110 620 $117 $123 111 920 74 112 530 98 93 113 190 209 120 370 256 121a 1,700 122 330 295 289 221 a Part No. 121 is obsolete and has a realizable value of $1 each as scrap.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, applying this method...
The inventory of Cullumber Company on December 31, 2017,
consists of the following items.
Part
Quantity
Cost per Unit
Net Realizable Value
110
640
$126
$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
a Part No. 121 is obsolete and has a realizable value of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,...
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The inventory of Flint Company on December 31, 2017, consists of
the following items.
Part
Quantity
Cost per Unit
Net Realizable Value
110
600
$98
$103
111
920
62
54
112
490
82
78
113
220
175
185
120
360
211
214
121
a
1,500
16
1
122
320
247
242
a Part No. 121 is obsolete and has a realizable value of
$1 each as scrap.
(a) Determine the inventory as of December...
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consists of the following items.
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
a Part No. 121 is obsolete and has a realizable value of
$1.00 each as scrap.
(a) Determine the inventory as of December 31,
2020, by the LCNRV method,...
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