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Cheyenne Furniture Shop Inc. uses the lower of cost and net realizable value basis ( LCNRV ) for reporting its inventory. The following data are

Cheyenne Furniture Shop Inc. uses the lower of cost and net realizable value basis (LCNRV) for reporting its inventory. The following
data are available at December 31.
Units
Cost/Unit
Net Realizable Value
Tables
Large
22
$277
$273
Small
17,134
146
Chairs
Plastic
43
47
43
Wooden
42
19
30
What amount should be reported on Cheyenne Furniture Shop's statement of financial position, after the lower of cost and net
realizable value rule is applied to individual inventory items?
LCNRV
Tables:
Large $
Small
Chairs:
Plastic
Wooden
Total
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