Ending Inventory 2023 Item Unit Cost when Net Realizable Value A Quantity on Hand Acquired (FIFO) at
Question:
Ending Inventory 2023 | |||
Item | Unit Cost when | Net Realizable Value | |
A | Quantity on Hand | Acquired (FIFO) | at Year End |
B | 200 | $ 50 | $45 |
C | 150 | $ 15 | $10 |
D | 50 | $100 | $105 |
E | 300 | $ 25 | $22 |
900 | $ 6 | $ 5 |
7. Flatulence Inc. is computing its inventory at December 31, 2023. The following information relates to the five major inventory items regularly stocked for resale:
Using the lower-of-cost-or-net realizable value rule on an item-by-item basis, compute the total valuation for each inventory item at December 31, 2023, and total inventory valuation.
Item_ Ending Inventory Valuation
A $ ______________
B $
C $
D $
E $
Total LCM
Fundamentals of Financial Accounting
ISBN: 978-1259103292
4th Canadian edition
Authors: Fred Phillips, Robert Libby, Patricia Libby, Brandy Mackintosh