Question
The inventory of Kingbird Company on December 31, 2020, consists of the following items. Part Quantity Cost per Unit Net Realizable Value 110 540 $134.00
The inventory of Kingbird Company on December 31, 2020, consists of the following items.
| Part | Quantity | Cost per Unit | Net Realizable Value | ||||
|---|---|---|---|---|---|---|---|
| 110 | 540 | $134.00 | $141.00 | ||||
| 111 | 970 | 84.60 | 73.00 | ||||
| 112 | 510 | 112.80 | 107.00 | ||||
| 113 | 200 | 239.70 | 253.80 | ||||
| 120 | 440 | 289.00 | 293.00 | ||||
| 121 | a | 1,700 | 23.00 | 1.00 | |||
| 122 | 320 | 338.40 | 331.00 | ||||
a Part No. 121 is obsolete and has a realizable value of $1.00 each as scrap. (a) Determine the inventory as of December 31, 2020, by the LCNRV method, applying this method to each item.
| Inventory as of December 31, 2020 | $enter the Inventory as of December 31 in dollars |
(b) Determine the inventory by the LCNRV method, applying the method to the total of the inventory.
| Inventory as of December 31, 2020 | $enter the Inventory as of December 31 in dollars |
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Introduction to Managerial Accounting
Authors: Peter Brewer, Ray Garrison, Eric Noreen
7th edition
978-1259675539, 125967553X, 978-1259594168, 1259594165, 78025796, 978-0078025792
