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a Part No. 121 is obsolete and has a realizable value of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, 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 | $ |
The inventory of Cullumber Company on December 31, 2017, consists of the following items. Part Quantity...
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