Question
The following is information related to the inventory of Sarasota Inc. skis Boots Parkas historical cost $332.50 $185.50 $92.75 Sale price 371.00 253.75 129.06 cost
The following is information related to the inventory of Sarasota Inc.
skis | Boots | Parkas | ||||
| historical cost | $332.50 | $185.50 | $92.75 | |||
| Sale price | 371.00 | 253.75 | 129.06 | |||
| cost of sale | 33.25 | 14.00 | 4.38 | |||
| cost to complete | 56.00 | 50.75 | 37.19 |
Determine the following:
The net realizable value of each item under LCNRV.
The book value of each item under LCNRV.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
To calculate the net realizable value NRV we subtract the cost of s...
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Intermediate Accounting principles and analysis
Authors: Terry d. Warfield, jerry j. weygandt, Donald e. kieso
2nd Edition
471737933, 978-0471737933
