The inventory of Oheto Company on December 31, 2019, consists of the following items. Part No. 121

Question:

The inventory of Oheto Company on December 31, 2019, consists of the following items.

Part No. Quantity Cost per Unit Net Realizable Value per Unit $ 95 110 $100 600 1,000 111 60 52 112 500 80 76 113 200 17

Part No. 121 is obsolete and has a realizable value of $1 each as scrap.

Instructions
a. Determine the inventory as of December 31, 2019, by the LCNRV method, applying this method to each item.
b. Determine the inventory by the LCNRV method, applying the method to the total of the inventory.

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Intermediate Accounting IFRS

ISBN: 978-1119372936

3rd edition

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield

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Question Posted: Nov 23, 2017 08:35 AM

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The inventory of Oheto Company on December 31, 2019, consists of the following items. Part No. 121

Question:

Part No. Quantity Cost per Unit Net Realizable Value per Unit $ 95 110 $100 600 1,000 111 60 52 112 500 80 76 113 200 170 180 120 400 205 208 121° 1,600 16 122 300 240 235

Step by Step Answer:

Per Unit Lowerof Part No Quantity Cost NRV Total Cost Total NRV CostorNRV 110 600 95 1000...View the full answer

Intermediate Accounting IFRS

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