Problem 1 (LCNRV)

Problem 2 EXERCISE 9-7 (LCM) Wangerin Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual basis.

PTER 9 Inventories: Additional Valuation Issues rcises BE9.1 (LO 1) Presented below is information related to Rembrandt Inc.'s inventory. Skis Boots Parkas (per unit) Historical cost Selling price Cost to sell Cost to complete $190.00 212.00 19.00 32.00 $106.00 145.00 8.00 29.00 $53.00 73.75 2.50 21.25 Determine the following: (a) the net realizable value for each item, and (b) the carrying value of each item under LCNRV. per Unit Item No. Cost Cost Estimated Cost of Completion Quantity to Replace Selling Price and Disposal Normal Profit 1,200 $3.20 $3.00 $4.50 $0.35 $1.25 900 2.70 2.30 3.50 0.50 0.50 800 4.50 3.70 5.00 0.40 1.00 1,000 3.60 3.10 3.20 0.25 0.90 700 2.25 2.00 3.25 0.80 0.60 500 3.00 2.70 3.80 0.40 0.50 1.80 1.60 3,000 0.75 2.50 0.50 6.00 5.20 4.70 1.00 0.50 1,000 Instructions From the information above, determine the amount of Wangerin Company inventory. Vaulat_Tournal Entries) Corrs Company began operations in Dacamher 31 1320 1333 1426 1437 1510 1522 1573 1626