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Cullumber Wig Shoppe carries a number of wigs that are made specifically for people who require them while undergoing medical treatment. They use a perpetual
Cullumber Wig Shoppe carries a number of wigs that are made specifically for people who require them while undergoing medical treatment. They use a perpetual inventory system and the FIFO cost formula for valuing inventory. The following information is available regarding the inventory on hand at year end, December 31. Unit Net Realizable Value Types: Units Unit Cost Marilyn 13 $130 $126 Farrah 13 221 230 Jane 9 68 97 J-LO 9 189 195 Cpt. Kirk 155 113 Now assume Cullumber combines all wigs together for the purposes of determining LCNRV. What amount should be reported on Cullumber's balance sheet at year end? Value of inventory $
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