Gary Limited has collected the following data related to its ending inventory: Product Units on Hand Unit
Fantastic news! We've Found the answer you've been seeking!
Question:
Gary Limited has collected the following data related to its ending inventory:
Product Units on Hand Unit Cost Unit NRV Total Cost Total NRV LCNRV
$ $
$ $
$ $
$ $
TOTAL
Required:
Calculate the lower of cost and Net Realizable Value on an item by item basis by completing the chart above.
Prepare the journal entry to adjust the Inventory Value assuming a perpetual Inventory System.
Related Book For
Fundamental Accounting Principles
ISBN: 978-0071051507
Volume I, 14th Canadian Edition
Authors: Larson Kermit, Tilly Jensen
Posted Date: