QUESTION 13

1. Apogee Group purchases for resale 2,000 calculators for $16 each. At year end, the estimated selling price is $21, and the disposal cost is $2. If Apogee uses LCNRV costing by item, at what amount will the calculators be reported on the balance sheet?

		$36,000
		$42,000
		$32,000
		$38,000
		$28,000
		$46,000

QUESTION 14

1. A physical inventory of DEF Electronics taken at December 31 reveals the following data:

   ITEM	UNITS ON HAND	COST PER UNIT	NRV PER UNIT
   Audio Equipment
   Receivers	345	$90	$98
   CD Players	260	111	100
   MP3 Players	326	86	95
   Wireless Speakers	204	52	41
   Video Equipment
   Handheld LCDs	480	$150	$125
   VCRs	291	93	84
   Camcorders	212	310	322
   Car Audio Equipment
   Satellite Radios	185	$70	$84
   CD/MP3 Radios	170	97	105

2. Calculate LCNRV by inventory as a whole:

3. 		$273,054
   		$289,010
   		$280,702
   		$292,777
   		$285,242