Per Unit Net Realizable Inventory, by Product Category Quantity Cost Value Tools: Saws Paint products: Paint...

 

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Per Unit Net Realizable Inventory, by Product Category Quantity Cost Value Tools: Saws Paint products: Paint brushes Required: Hammers Screwdrivers 1-gallon cans 110 $ 4.40 $ 4.90 140 9.40 8.40 240 1.40 2.00 440 5.40 4.40 110 3.40 3.90 1. Determine the carrying value of inventory at year-end, assuming the lower of cost or net realizable value (LCNRV) rule is applied to (a) individual products, (b) product categories, and (c) total inventory. 2. Assuming inventory write-downs are common for Ace, record any necessary year-end adjusting entry for each of the LCNRV applications in requirement 1. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine the carrying value of inventory at year-end, assuming the lower of cost or net rea applied to (a) individual products, (b) product categories, and (c) total inventory. Per Unit Net Realizable Inventory, by Product Category Quantity Cost Value Tools: Saws Paint products: Paint brushes Required: Hammers Screwdrivers 1-gallon cans 110 $ 4.40 $ 4.90 140 9.40 8.40 240 1.40 2.00 440 5.40 4.40 110 3.40 3.90 1. Determine the carrying value of inventory at year-end, assuming the lower of cost or net realizable value (LCNRV) rule is applied to (a) individual products, (b) product categories, and (c) total inventory. 2. Assuming inventory write-downs are common for Ace, record any necessary year-end adjusting entry for each of the LCNRV applications in requirement 1. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine the carrying value of inventory at year-end, assuming the lower of cost or net rea applied to (a) individual products, (b) product categories, and (c) total inventory.

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