(L01) EXCEL (LCNRV) The inventory of Oheto Company on December 31, 2017, consists of the following items....
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(L01) EXCEL (LCNRV) The inventory of Oheto Company on December 31, 2017, consists of the following items.
Part Quantity Cost per Unit Net Realizable Value 110 600 $ 95 $100 111 1,000 60 52 112 500 80 76 113 200 170 180 120 400 205 208 121a 1,600 16 1 122 300 240 235 aPart No. 121 is obsolete and has a realizable value of $1 each as scrap.
Instructions 1. Determine the inventory as of December 31, 2017, by the LCNRV method, applying this method to each item.
2. Determine the inventory by the LCNRV method, applying the method to the total of the inventory.
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