Question
Metlock Corporation has the following four items in its ending inventory. Item Cost Net Realizable Value (NRV) Jokers $2,400 $2,520 Penguins 6,000 5,940 Riddlers 5,280
Metlock Corporation has the following four items in its ending inventory.
| Item | Cost | Net Realizable Value (NRV) | |||
|---|---|---|---|---|---|
| Jokers | $2,400 | $2,520 | |||
| Penguins | 6,000 | 5,940 | |||
| Riddlers | 5,280 | 5,550 | |||
| Scarecrows | 3,840 | 4,596 | |||
(a)
Determine the following the LCNRV for each item.
| Item | LCNRV | |
|---|---|---|
| Jokers | $enter a dollar amount | |
| Penguins | enter a dollar amount | |
| Riddlers |
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Financial Accounting And Reporting
Authors: Mr Barry Elliott, Jamie Elliott
10th Edition
0273703641, 978-0273703648
