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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
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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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