Question
Valley Inc. has compiled the following information concerning items in its inventory at December 31: Item Quantity. Cost per Unit Net Realizable Value (NRV)per unit
Valley Inc. has compiled the following information concerning items in its inventory at December 31:
Item Quantity. Cost per Unit Net Realizable Value (NRV)per unit
A 120. $45 $50
B 70 160 120
C 60 100 110
Required:
-
The carrying amount of the total inventory of Valley Inc. using the lower of cost or net realizable value (LCNRV) rule applied on an item by item basis is: (4 marks)
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Financial Accounting An International Perspective
Authors: Arne Kinserdal
2nd Edition
0273631543, 978-0273631545
