Question: 15 - LCNRV (4 Marks) Question 15 (4 points) The following information on cost and net realizable value of ABC Ltd.'s various inventory Categories was

15 - LCNRV (4 Marks) Question 15 (4 points) The following information on cost and net realizable value of ABC Ltd.'s various inventory Categories was gathered at December 31, 2021: Inventory Categories Cost NRY Desktops $225,000 $239,000 Tablets and readers 173,000 142.000 Laptops 147,500 163,000 Tablets and readers 65.800 59.500 Total $611.300 $603.500 DO NOT USE COMMAS, DOLLAR SIGNS OR DECIMAL POINTS 1. Calculate the lower of cost and net realizable value (LCNRV) for each inventory category: Desktops A/ Tablets and Readers A Laptops A/ Accessories and Parts

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

William Murray achieved one of his life-long dreams by opening his own business, The Caddie Shack Driving Range, on May 1, 2025. He invested $20,000 of his own savings in the business. He paid $6,000...

QueSLUN 13 14 points) The following information on cost and net realizable value of ABC Lad's various inventory categories was gathered at December 31, 2021: Luventory Categories Coxt NRY Desktops...

The following information on cost and net realizable value of Martinez Ltd.s various inventory categories was gathered at December 31, 2021: Please answer part a) The following information on cost...

The following information on cost and net realizable value of Pronghorn Ltd's various inventory categories was gathered at December 31, 2021: NRV Inventory Categories Desktops Tablets and readers...

The following information on cost and net realizable value of Marigold Ltd.'s various inventory categories was gathered at December 31, 2021: Inventory Categories Cost NRV Desktops $350,200 $329,000...

The following information on cost and net realizable value of Pronghorn Ltd's various inventory categories was gathered at December 31, 2021: Inventory Categories Desktops Tablets and readers Laptops...

The following information on cost and net realizable value of Sarasota Ltd's various inventory categories was gathered at December 31: Inventory Categories Cost NRV $344,600 $323,900 Desktops Tablets...

please give explanation and calculating steps Current Attempt in Progress 4 6 7 8 Presented here are selected transactions for Toth Company during September of the current year. Toth Company uses a...

View Policies Show Attempt History Questic Accountin Current Attempt in Progress The following information on cost and net realizable value of Bramble Ltd's various inventory categories was gathered...

Accounting Question Im Stuck On, your help would be greatly appreciated. The following information on cost and net realizable value of Flint Ltd's various inventory categories was gathered at...

Another Accounting Question I am stuck on for Chapter 6. The following information on cost and net realizable value of Flint Ltd's various inventory categories was gathered at December 31 , 2021: (a)...

Describe the advantages and disadvantages of using a high level of job specialization.

Historically, your company has calculated bad debts using an aging of accounts receivable. Near the end of the fiscal year, the company is in a cash crunch and needs to borrow money from the bank,...

Fintechs in which space provide solutions for high - frequency trading, copy trading, e - trading, and robo - advice? Investment management services Internet - of - things services Credit and deposit...

The function f(x) =(x+5)(x-5)(x-2)^2 is less than or equal to zero on the intervals a: [-5,5] b: (-inf, -5] and [5, inf) c: (-inf,-5) and (5, inf) d)(-5,5)

Do you see yourself as more of a feminine or masculine individual? In what ways have gender differences influenced the conflicts youve experienced with people whose gender is different from yours?

Consider a recent conflict. What channel did you select to communicate with the other person? How did the communication channel affect the quality of the exchange? Did the channel you chose lead to a...

2 How do the reactions of these Amish survivors differ from those expressed by Americans after the Virginia Tech shootings? What about after 9/11?