Please consider the following data related to the ending inventory for Company A: Item Code Quantity...
Please consider the following data related to the ending inventory for Company A:
|
Item Code |
Quantity |
Unit Cost |
Unit NRV |
|
Small |
150 |
$250 |
$255 |
|
Medium |
420 |
143 |
145 |
|
Large |
500 |
162 |
168 |
|
Extra-Large |
370 |
273 |
268 |
What is the ending inventory balance if the lower of cost or net realizable value rule is applied to each item of inventory?
Homework Answers
| Lower of cost or net realizable value | |
| Small | $37,500 (150*$250) |
| Medium | $60,060 (420*$143) |
| Large | $81,000 (500*$162) |
| Extra-Large | $99,160 (370*$268) |
| Ending inventory | $277,720 |
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ending inventory:
Item
Cost
Estimated
Selling Price
Estimated
Disposal Costs
Neutrinos
$
1,930
$2,210
$117
Ocillinos
4,940
4,840
107
Electrons
4,350
4,685
206
Protons
3,460
4,470
107
Assume that Sheffield is a public company using IFRS. Determine
the total value of ending inventory, using the lower of cost and
net realizable value model applied on an individual item
basis.
Item
LC and NRV
Neutrinos
$
Ocillinos
$
Electrons
$
Protons
$...
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