Determining Lower of Cost or Net Realizable Value (NRV)

Crane Company had the following inventory at December 31, 2017.

Determining Lower of Cost or Net Realizable Value (NRV) Crane Company had the following inventory at December 31, 2017 Unit Price Quantity Cost NRV Desks Model 9001 Model 9002 70 $190 $210 45 280 268 20 350 360 Model 9003 Cabinets 60 64 Model 7001 Model 7002 Model 7003 120 80 95 88 130 126 50 a. Determine the ending inventory amount by applying the net realizable value rule to: 1. Each item of inventory. $ 57,228 X 2. Each major category of inventory. $ 58,312 X 3. Total inventory. $ 58,620 X Previous Next