The inventory of Oheto Company on December 31, 2020,consists of the following items. Part Quantity Cost per
Fantastic news! We've Found the answer you've been seeking!
Question:
The inventory of Oheto Company on December 31, 2020,consists of the following items.
Part | Quantity | Cost per Unit | Net Realizable Value | ||||
---|---|---|---|---|---|---|---|
110 | 600 | $95.00 | $100.00 | ||||
111 | 1,000 | 60.00 | 52.00 | ||||
112 | 500 | 80 | 76.00 | ||||
113 | 200 | 170 | 180.00 | ||||
120 | 400 | 205.00 | 208.00 | ||||
121 | a | 1,600 | 16.00 | 1.00 | |||
122 | 300 | 240 | 235.00 |
a Part No. 121 is obsolete and has a realizable value of $1.00 each as scrap.
(a) Determine the inventory as of December31, 2020, by the LCNRV method, applying this method to each item.
Inventory as of December 31, 2020 | $enter the Inventory as of December 31 in dollars |
(b) Determine the inventory by the LCNRV method, applying the method to the total of the inventory.
Inventory as of December 31, 2020 | $enter the Inventory as of December 31 in dollars |
Related Book For
Intermediate Accounting IFRS
ISBN: 978-1119372936
3rd edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
Posted Date: