Question 1

Presented below is information related to Nash Inc.s inventory.

(per unit)		Skis		Boots		Parkas
Historical cost		$218.50		$121.90		$60.95
Selling price		243.80		166.75		84.81
Cost to sell		21.85		9.20		2.88
Cost to complete		36.80		33.35		24.44

Determine the following: the net realizable value for each item, and the carrying value of each item under LCNRV.

Item		Cost		NRV		LCNRV
Skis		$		$		$
Boots
Parkas