1
answer
0
watching
147
views

The inventory of Flint Company on December 31, 2017, consists of the following items.

Part

Quantity

Cost per Unit

Net Realizable Value

110

570

$124

$131

111

1,010

79

68

112

450

105

100

113

210

223

236

120

380

269

272

121

a

1,600

21

1

122

310

314

308


a Part No. 121 is obsolete and has a realizable value of $1 each as scrap.

(a) Determine the inventory as of December 31, 2017, by the LCNRV method, applying this method to each item.

Inventory as of December 31, 2017

$


(b) Determine the inventory by the LCNRV method, applying the method to the total of the inventory.

Inventory as of December 31, 2017

$

For unlimited access to Homework Help, a Homework+ subscription is required.

Hubert Koch
Hubert KochLv2
28 Sep 2019

Unlock all answers

Get 1 free homework help answer.
Already have an account? Log in

Related questions

Weekly leaderboard

Start filling in the gaps now
Log in