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Source Board Inc. has the following products in its ending inventory. Required: a. Complete the chart below to calculate lower of cost or net
Source Board Inc. has the following products in its ending inventory. Required: a. Complete the chart below to calculate lower of cost or net realizable value (LCNRV) for the inventory product by product, and applied to the total. Skateboards Creature Santa Cruz Flip Group Subtotal Longboards Quantity Per Unit Cost Per Unit NRV 7 50.00 65.00 5 65.00 55.00 6 85.00 83.00 Globe A 60.00 55.00 Landyachtz 6 89.00 91.00 Inboard 7 68.00 78.00 Rayne 12 87.00 75.00 Group Subtotal Total Total Cost Total NRV NRV applied to: Products Total
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