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	70	$190	$210
Model 9002	45	280	268
Model 9003	20	350	360
Cabinets
Model 7001	120	60	64
Model 7002	80	95	88
Model 7003	50	130	126

a. Determine the ending inventory amount by applying the net realizable value rule to: 1. Each item of inventory. $Answer

2. Each major category of inventory. $Answer

3. Total inventory. $Answer