Calculating Lower-of Cost-or-Net Realizable Value The following information is from Guccii Company's individual inventory items as...

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Calculating Lower-of Cost-or-Net Realizable Value The following information is from Guccii Company's individual inventory items as of December 31, 2020. Inventory Quantity Cost per Unit Net Realizable Value per Unit Classification:Premium Item 1 64 $180 $185 Item 2 120 100 98 Item 3 160 165 175 Item 4 112 158 120 Classification: Classic Item 5 80 100 98 Item 6 40 90 95 Item 7 400 105 115 Item 8 224 80 75 Required a. Calculate lower-of-cost-or-net realizable value of Guccii's December 31, 2020, inventory applying the rule to each individual а. item. $ 316,730 b. Calculate lower-of-cost-or-net realizable value of Guccii's December 31, 2020, inventory applying the rule by inventory category. $ 324,330 c. Calculate lower-of-cost-or-net realizable value of Guccii's December 31, 2020, inventory applying the rule to total inventory. $ 330,448 Calculating Lower-of Cost-or-Net Realizable Value The following information is from Guccii Company's individual inventory items as of December 31, 2020. Inventory Quantity Cost per Unit Net Realizable Value per Unit Classification:Premium Item 1 64 $180 $185 Item 2 120 100 98 Item 3 160 165 175 Item 4 112 158 120 Classification: Classic Item 5 80 100 98 Item 6 40 90 95 Item 7 400 105 115 Item 8 224 80 75 Required a. Calculate lower-of-cost-or-net realizable value of Guccii's December 31, 2020, inventory applying the rule to each individual а. item. $ 316,730 b. Calculate lower-of-cost-or-net realizable value of Guccii's December 31, 2020, inventory applying the rule by inventory category. $ 324,330 c. Calculate lower-of-cost-or-net realizable value of Guccii's December 31, 2020, inventory applying the rule to total inventory. $ 330,448

Answer rating: 100% (QA)

Total cost Net realizable Total net realizable value LCNRV LCNRV Number of unitsNRVper un... View the full answer