The inventory of 3T Company on December 31, 2020, consists of the following items. Instructions a. Determine

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The inventory of 3T Company on December 31, 2020, consists of the following items.

Instructions

a. Determine the inventory as at December 31, 2020, by the lower of cost and net realizable value method, applying this method directly to each item.

b. Determine the inventory as at December 31, 2020, by the lower of cost and net realizable value method, applying the method to the total of the inventory.

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Intermediate Accounting Volume 1

ISBN: 978-1119496496

12th Canadian edition

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Irene M. Wiecek, Bruce J. McConomy

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Question Posted: Nov 28, 2019 09:17 AM

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The inventory of 3T Company on December 31, 2020, consists of the following items. Instructions a. Determine

Question:

Quantity Cost per Unit Part No. NRV 600 1,000 $ 90 110 $100 60 80 170 205 16 111 52 112 500 76 200 400 180 113 208 .20 235 121* 122 1,600 240 300

Step by Step Answer:

Per Unit Lower of Part No Quantity Cost NRV Total Cost Total NRV Cost and ...View the full answer

Intermediate Accounting Volume 1

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