The inventory of Oheto Company on December 31, 2022, consists of the following items. Instructions a. Determine

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The inventory of Oheto Company on December 31, 2022, consists of the following items.

Instructions

a. Determine the inventory as of December 31, 2022, 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: 9781119607519

4th Edition

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

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Question Posted: Jul 29, 2021 08:56 AM

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The inventory of Oheto Company on December 31, 2022, consists of the following items. Instructions a. Determine

Question:

Part No. Quantity Cost per Unit Net Realizable Value per Unit 110 600 $5 $100 111 1,000 бо 52 112 500 80 76 113 170 180 200 120 400 205 208 1212 1,600 16 122 300 240 235 aPart No. 121 is obsolete and has a realizable value of $1 each as scrap.

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Part No Quantity Per Unit Cost Market Total Cost Total Marke...View the full answer

Intermediate Accounting IFRS

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