Question
A company reports inventory using the lower of cost and net realizable value (NRV). Below is information related to its year-end inventory. Inventory Quantity Unit
A company reports inventory using the lower of cost and net realizable value (NRV). Below is information related to its year-end inventory.
| Inventory | Quantity | Unit Cost | Unit NRV | ||||
| Furniture | 130 | $ | 78 | $ | 93 | ||
| Electronics | 43 | 330 | 265 | ||||
Required:
1. Calculate the total recorded cost of ending inventory before any adjustments.
Cost of ending inventory (before adjustment) $
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Managerial Accounting
Authors: Ray H. Garrison, Eric W. Noreen, Peter C. Brewer
13th Edition
978-0073379616, 73379611, 978-0697789938
