Question
The following information pertains to the physical inventory of Electronics Unlimited taken at December 31: Per Unit Product Units on Hand Cost NRV Audio equipment:
The following information pertains to the physical inventory of Electronics Unlimited taken at December 31:
| Per Unit | |||||||
| Product | Units on Hand | Cost | NRV | ||||
| Audio equipment: | |||||||
| Wireless audio receivers | 331 | $ | 200 | $ | 189 | ||
| Touchscreen MP3 players | 246 | 204 | 224 | ||||
| Audio mixers | 312 | 194 | 178 | ||||
| Audio stands | 190 | 86 | 104 | ||||
| Video equipment: | |||||||
| Televisions | 466 | 254 | 299 | ||||
| 5GB video cards | 277 | 172 | 184 | ||||
| Satellite video recorders | 198 | 614 | 619 | ||||
| Car equipment: | |||||||
| GPS navigators | 171 | 172 | 146 | ||||
| Double-DIN Car Deck with iPod/iPhone Control and Aux Input | 156 | 214 | 199 | ||||
Required: 1. Calculate the LCNRV for the:
- inventory by major group
- inventory, applied separately to each product.
2. Prepare the appropriate entry, if any, for 1(a) and 1(b).
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Managerial Accounting For Undergraduates
Authors: Christensen, Theodore E. Hobson, L. Scott Wallace, James S.
1st Edition
1618531123, 9781618531124
