1) A physical inventory of DEF Electronics taken at December 31 reveals the following data:

ITEM	UNITS ON HAND	COST PER UNIT	NRV PER UNIT
Audio Equipment
Receivers	345	$90	$98
CD Players	260	111	100
MP3 Players	326	86	95
Wireless Speakers	204	52	41
Video Equipment
Handheld LCDs	480	$150	$125
VCRs	291	93	84
Camcorders	212	310	322
Car Audio Equipment
Satellite Radios	185	$70	$84
CD/MP3 Radios	170	97	105

Calculate LCNRV by inventory as a whole:

$285,242

$273,054

$280,702

$292,777

$289,010

2) If, after recording a loss, the inventory recovers some of its value, the LCNRV rule does not permit the company to recognize the recovery unless the allowance account was used in the original writedown entry.

a) True

b) False

3) Your company has not yet decided how it will apply LCNRV to its inventory. If management wants to minimize the value of ending inventory, it should:

a) apply LCNRV by item.

b) apply LCNRV to total inventory.

c) apply LCNRV by group, or "by class."

4)

UpCos inventory data is as follows:

	Cases on hand	Cost per case	NRV per case
Garden Supplies
Snail Bait	35	$80	$75
Isotox	12	20	23
Shovels	20	100	99
Hardware
Screws	20	$80	$96
Brackets	2	35	31
Nails	8	12	12
Paint
Enamel -1 gal.	22	$120	$118
Spray Cans	15	45	54
Misc. Brushes	4	30	38

Calculate LCNRV by item:

a) $10,517

b) $9,994

c) $10,241

d) $10,082

e) $10,378

5) Apogee Group purchases for resale 2,000 calculators for $16 each. At year end, the estimated selling price is $21, and the disposal cost is $2. If Apogee uses LCNRV costing by item, at what amount will the calculators be reported on the balance sheet?

		$38,000
		$46,000
		$28,000
		$36,000
		$32,000
		$42,000

Please it is a request only solve, if you can answer all of these correctly, I can not afford a wrong answer, if you have any doubts in any of these questions skip answering these questions. Thank you in advance, I will upvote you for your correct answer