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A company has three types of products: gadgets, widgets, and gizmos. The cost and market price of each type is listed below. Complete the table

A company has three types of products: gadgets, widgets, and gizmos. The cost and market price of each type is listed below. Complete the table by applying the lower of cost and net realizable value (LCNRV).

Do not enter dollar signs or commas in the input boxes.

LCNRV Applied to
Description Category Cost NRV Individual Category Total
Gadget Type 1 Gadgets $1,120 $920 $Answer

Gadget Type 2 Gadgets $4,300 $4,600 $Answer

Total Gadgets $Answer

$Answer

$Answer

Widget A Widgets $100 $80 $Answer

Widget B Widgets $100 $60 $Answer

Total Widgets $Answer

$Answer

$Answer

Gizmo 1 Gizmos $1,610 $2,140 $Answer

Gizmo 2 Gizmos $1,630 $1,980 $Answer

Total Gizmos $Answer

$Answer

$Answer

Grand Total $Answer

$Answer

$Answer

$Answer

$Answer

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