Question
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
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 | 74 | $190 | $210 |
| Model 9002 | 49 | 280 | 268 |
| Model 9003 | 24 | 350 | 360 |
| Cabinets | |||
| Model 7001 | 124 | 60 | 64 |
| Model 7002 | 84 | 95 | 88 |
| Model 7003 | 54 | 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
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Security And Auditing Of Smart Devices
Authors: Sajay Rai, Philip Chukwuma, Richard Cozart
1st Edition
0367567997, 978-0367567996
