The following information pertains to the physical inventory of Electronics Unlimited taken at December 31: Per Unit
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Question:
The following information pertains to the physical inventory of Electronics Unlimited taken at December 31:
Per Unit | |||||
Product | Units on Hand | Cost | NRV | ||
Audio equipment: | |||||
Wireless audio receivers | 329 | $195 | $184 | ||
Touchscreen MP3 players | 244 | 199 | 219 | ||
Audio mixers | 310 | 189 | 173 | ||
Audio stands | 188 | 81 | 99 | ||
Video equipment: | |||||
Televisions | 464 | 249 | 294 | ||
1GB video cards | 275 | 167 | 179 | ||
Satellite video recorders | 196 | 609 | 614 | ||
Car audio equipment: | |||||
GPS navigators | 169 | 167 | 141 | ||
Double-DIN Car Deck with iPod/iPhone Control & Aux Input | 154 | 209 | 194 | ||
Required:
1. Calculate the LCNRV:
a. For the inventory by major group
b. For the inventory, applied separately to each product.
2. Prepare the appropriate entry, if any, for 1(a) and 1(b).
Related Book For
Fundamental Accounting Principles
ISBN: 978-0078110870
20th Edition
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
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