Monty Furniture Shop Inc. uses the lower of cost and net realizable value basis (LCNRV) for...

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Monty Furniture Shop Inc. uses the lower of cost and net realizable value basis (LCNRV) for reporting its inventory. The following data are available at December 31. Units Cost/Unit Net Realizable Value Tables Large 23 $266 $261 Small 17 141 148 Chairs Plastic 41 47 43 Wooden 41 19 30 (a) What amount should be reported on Monty Furniture Shop's financial statements, after the lower of cost and net realizable value rule is applied to individual inventory items? Tables: Large $ Small Chairs: Plastic Wooden Total LA LCNRV Monty Furniture Shop Inc. uses the lower of cost and net realizable value basis (LCNRV) for reporting its inventory. The following data are available at December 31. Units Cost/Unit Net Realizable Value Tables Large 23 $266 $261 Small 17 141 148 Chairs Plastic 41 47 43 Wooden 41 19 30 (a) What amount should be reported on Monty Furniture Shop's financial statements, after the lower of cost and net realizable value rule is applied to individual inventory items? Tables: Large $ Small Chairs: Plastic Wooden Total LA LCNRV