Scott’s Sporting Stores Inc. reported the following cost and net realizable value information for inventory at December 31:
Scott’s Sporting Stores Inc. reported the following cost and net realizable value information for inventory at December 31:
| Product Item | Units | Unit Cost | Unit NRV | |||
| Skates: | ||||||
| Bauer | 14 | $254 | $398 | |||
| CCM | 10 | $432 | $365 | |||
| Running shoes: | ||||||
| Adidas | 5 | $124 | $124 | |||
| Nike | 7 | $121 | $115 |
1. Calculate the ending inventory balance for skates and running shoes using the lower of cost and net realizable value for each item.
2. Calculate the ending inventory balance for skates and running shoes using the historical unit costs provided.
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Scott’s Sporting Stores Inc. reported the following cost and net realizable value information for inventory at December 31:
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