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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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