Exercise 9-1

The inventory of Stellar Company on December 31, 2017, consists of the following items.

Part			Quantity		Cost per Unit		Net Realizable Value
110			540		$130		$137
111			930		82		71
112			470		110		104
113			180		233		247
120			420		281		285
121	a		1,700		22		1
122			270		329		322

^a Part No. 121 is obsolete and has a realizable value of $1 each as scrap. (a) Determine the inventory as of December 31, 2017, by the LCNRV method, applying this method to each item.

Inventory as of December 31, 2017

$

(b) Determine the inventory by the LCNRV method, applying the method to the total of the inventory.

Inventory as of December 31, 2017		$
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