Inventory Quantity Cost per Unit Net Realizable Value per Unit Classification:Premium Item 1 80 $180 $185 Item 2 150 100 98 Item 3 200 165 175 Item 4 140 158 120 Classification: Classic Item 5 100 100 98 Item 6 50 90 95 Item 7 500 105 115 Item 8 280 80 75 Required a. Calculate lower-of-cost-or-net realizable value of Guccii's December 31, 2020, inventory applying the rule to each individual item.
Qty | Cost | NRV | Lower of Cost and NRV | Value | |
Item 1 | 80.00 | 180.00 | 185.00 | 180.00 | 14,400.00 |
Item 2 | 150.00 | 100.00 | 98.00 | 98.00 | 14,700.00 |
Item 3 | 200.00 | 165.00 | 175.00 | 165.00 | 33,000.00 |
Item 4 | 140.00 | 158.00 | 120.00 | 120.00 | 16,800.00 |
Item 5 | 100.00 | 100.00 | 98.00 | 98.00 | 9,800.00 |
Item 6 | 50.00 | 90.00 | 95.00 | 90.00 | 4,500.00 |
Item 7 | 500.00 | 105.00 | 115.00 | 105.00 | 52,500.00 |
Item 8 | 280.00 | 80.00 | 75.00 | 75.00 | 21,000.00 |
Total inventory Value | 166,700.00 |
Inventory Quantity Cost per Unit Net Realizable Value per Unit Classification:Premium Item 1 80 $180 $185...
Calculating Lower-ot Cost-or-Net Realizable Value The following information is from Guccii Company's individual inventory items as of December 31, 2020. Inventory Quantity Cost per Unit Net Realizable Value per Unit Classification:Premium Item 1 $180 $185 Item 2 150 100 98 Item 3 165 175 Item 4 Classification: Classic Item 5 80 200 158 Item 6 Item 7 Item 8 500 280 80 Required a. Calculate lower-of-cost-or-net realizable value of Guccii's December 31, 2020, inventory applying the rule to each individual...
he following information is from Guccii Company’s individual inventory items as of December 31, 2020. Inventory Quantity Cost per Unit Net Realizable Value per Unit Classification:Premium Item 1 152 $180 $185 Item 2 285 100 98 Item 3 380 165 175 Item 4 266 158 120 Classification: Classic Item 5 190 100 98 Item 6 95 90 95 Item 7 950 105 115 Item 8 532 80 75 Required a. Calculate lower-of-cost-or-net realizable value of Guccii's December 31, 2020, inventory...
Check my we Net Inventory, by Product Category Tools: Per Unit Realizable Quantity Cost value Hammers Saws 120 100 200 $4.00 9.00 1.00 $4.50 8.00 1.60 Paint products: 1-gallon cans Paint brushes 400 120 5.00 3.00 4.00 3.50 Required 1. Determine the carrying value of inventory at year-end, assuming the lower of cost or net realizable value (LCNRV) rule is applied to (a) individual products, (b) product categories, and (c) total inventory. 2. Assuming that the company reports an inventory...
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