Question: Determine the inventory by the LCNRV method, applying the method to the total of the inventory. The inventory of Sheridan Company on December 31,

Determine the inventory by the LCNRV method, applying the method to the total of the inventory. The inventory of Sheridan Company on December 31, 2022. consists of the following items. Part No. Quantity Cost per Unit Net Realizable Value per Unit 110 552 $88 $92 111 920 54 48 112 460 76 73 113 184 154 168 120 368 188 172 121 1.472 19 1 122 276 222 218 *Part No. 121 is obsolete and has a realizable value of $1 each as scrap. (a) Determine the inventory as of December 31, 2022, by the LCNRV method, applying this method to each item. Inventory as of December 31, 2022 Texthook and Media

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