The inventory of Simmonds Ltd contains the following packs of nuts and bolts at 30 June...

 

 

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The inventory of Simmonds Ltd contains the following packs of nuts and bolts at 30 June 2022. Inventory Item Item #1254 Item #7231 Item #8853 Item #7699 Item #3420 Item #6588 Quantity of units 113 45 30 75 60 25 Unit Price Cost per unit $3.50 4.95 9.95 2.95 7.95 9.95 NRV $3.00 6.95 8.50 3.95 6.95 8.50 The inventory of Simmonds Ltd contains the following packs of nuts and bolts at 30 June 2022. Inventory Item Item #1254 Item #7231 Item #8853 Item #7699 Item #3420 Item #6588 Quantity of units 113 45 30 75 60 25 Unit Price Cost per unit $3.50 4.95 9.95 2.95 7.95 9.95 NRV $3.00 6.95 8.50 3.95 6.95 8.50

Answer rating: 100% (QA)

Answer To determine the ending inventory value at 30 June 2022 applying the lower of cost and net realizable value NRV rule to the individual items we ... View the full answer