Question
determine the amount of write down if any using item by item lcnrv
and the total category lcnrv

Floyd Corporation has the following four items in its ending inventory. Net Realizable Value (NRV) Item Cost Jokers $2,100 Pe
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Answer #1

Answer:

Cost NRV LCNRV
Jokers $2000 2100 $2000
Penguins 5000 4950 4950
Riddlers 4400 4625 4400
Scarecrows 3200 3830 3200
$14600 $15505
Items LCNRV
Jokers $2000
Penguins $4950
Riddlers $4400
Scarecrows $3200
$14550
ans 1 wite-down
Items
Jokers 0
Penguins 50
Riddlers 0
Scarecrows 0
Ans 2
Total category LCNRV $0
as cost and LCNRV is equal if we take in total
Cost NRV LCNRV
Jokers $2000 2100 2000
Penguins 5000 4950 4950
Riddlers 4400 4625 4400
Scarecrows 3200 3830 3200
$14600 $15505 $14550
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