Question
Lower of Cost and Net Realizable Value Kristys Krusty Krutons had the following ending inventory costs: Product Units on Hand Unit Cost Unit NRV A
Lower of Cost and Net Realizable Value
Kristys Krusty Krutons had the following ending inventory costs:
| Product | Units on Hand | Unit Cost | Unit NRV |
| A | 15 | 6.00 | 6.00 |
| B | 40 | 7.50 | 7.25 |
| C | 35 | 15.00 | 17.00 |
Required: Calculate the lower of cost and net realizable value (LCNRV) on an item by item basis.
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Fundamentals Of IT Audit For Operational Auditors
Authors: Timothy McWilliams
1st Edition
1634541332, 978-1634541336
