Question
Violet Ltd. retails gardening equipment and has five main product lines: mowers, vacuum blowers, edgers, garden tools and fences. At December 31, 2021, cost and
Violet Ltd. retails gardening equipment and has five main product lines: mowers, vacuum blowers, edgers, garden tools and fences. At December 31, 2021, cost and net realizable values for each product line were as shown below:
| Inventory item | Quantity | Cost per unit $ | NRV per unit $ |
| Equipment category |
|
|
|
| Mowers | 16 | 215.80 | 256.00 |
| Vacuum blowers | 113 | 62.35 | 60.00 |
| Edgers | 78 | 27.40 | 36.00 |
|
|
|
|
|
| Non-electrical category |
|
|
|
| Garden tools | 129 | 12.89 | 11.00 |
| Fences | 57 | 43.11 | 55.00 |
Determine the value of the ending inventory using LCNRV application on individual inventory. Round your answer to 2 decimal places if necessary. (10 marks)
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Managerial Accounting
Authors: Ray H. Garrison, Eric W. Noreen, Peter C. Brewer
12th Edition
978-0073526706, 9780073526706
