Ending Inventory 2023
Item		Unit Cost when	Net Realizable Value
A	Quantity on Hand	Acquired (FIFO)	at Year End
B	200	$ 50	$45
C	150	$ 15	$10
D	50	$100	$105
E	300	$ 25	$22
	900	$                                           6	$ 5

7.  Flatulence Inc. is computing its inventory at December 31, 2023. The following information relates to the five major inventory items regularly stocked for resale:

Using the lower-of-cost-or-net realizable value rule on an item-by-item basis, compute the total valuation for each inventory item at December 31, 2023, and total inventory valuation.

Item_                    Ending Inventory Valuation

A                        $  ______________

B                        $                          

C                        $                          

D                     $                       

E                      $                       

Total LCM

Answer rating: 100% (QA)

To calculate the ending inventory valuation for each item using the lowerofcostornet realizable valu... View the full answer