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Almaden Hardware Store sells two product categories, tools and paint products. Information pertaining to its 2021 year-end inventory is as follows: Net Per Unit Cost
Almaden Hardware Store sells two product categories, tools and paint products. Information pertaining to its 2021 year-end inventory is as follows:
Net Per Unit Cost Realizable Inventory, by Product Category Quantity Value Tools $ 5.80 $6.30 Hammers 120 Saws 280 10.80 9.80 Screwdrivers 2.80 380 3.40 Paint products: 1-gallon cans Paint brushes 580 6.80 5.80 5.30 120 4.80 Required: 1. Determine the carrying value of inventory at year-end, assuming the lower of cost or net realizable value (LCNRV) rule is applied to (a) individual products, (b) product categories, and (c) total inventory. Lower of cost and NRV By Product By Total Inventory Net Realizable Value By Individual Products Categories Product Cost Tools: Hammers Saws Screwdrivers Total tools 0 0 Paint products: 1-gallon cans Paint brushes Total paint 0 0 0 Total
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