Problem 6-12A Lower of cost and net realizable value LO4

The following information pertains to the physical inventory of Electronics Unlimited taken at December 31:

Per UnitProductUnits on HandCostNRVAudio equipment: Wireless audio receivers332$199 $188 Touchscreen MP3 players247 203 223 Audio mixers313 193 177 Audio stands191 85 103 Video equipment: Televisions467 253 298 5GB video cards278 171 183 Satellite video recorders199 613 618 Car equipment: GPS navigators172 171 145 Double-DIN Car Deck with iPod/iPhone Control and Aux Input157 213 198

Required: 1. Calculate the LCNRV for the:

1. Inventory by major group
2. Inventory, applied separately to each product.

2. Prepare the appropriate entry, if any, for 1(a) and 1(b).