Waters and Soil Gardeners sells outdoor furniture in addition to gardening supplies Below are the numbers...

Transcribed Image Text:

Waters and Soil Gardeners sells outdoor furniture in addition to gardening supplies Below are the numbers of units on hand at the end of December and the cost at which they were purchased. In addition there is also the net realizable value of them i Required Complete the table below by selecting the correct answer. You will need to determine the Lower of Cost or Net Realizable Value (LCNRV), the original total cost, the revised total cost based of LCNRV DO NOT USE DOLLAR SIGNS OR COMMAS OR YOUR ANSWER WILL BE MARKED WRONG. ITEM Benson Chair Watson Chair Waters Chair In the Soil Chair UNITS 100 60 70 125 COST $150 $100 $100 $125 NET REALIZABLE VALUE TOTAL ORIGINAL COST 125 $80 $100 $130 LOWER OF COST OR NET REVISED TOTAL COST REALIZABLE VALUE For Blank 6 Waters and Soil Gardeners sells outdoor furniture in addition to gardening supplies Below are the numbers of units on hand at the end of December and the cost at which they were purchased. In addition there is also the net realizable value of them i Required Complete the table below by selecting the correct answer. You will need to determine the Lower of Cost or Net Realizable Value (LCNRV), the original total cost, the revised total cost based of LCNRV DO NOT USE DOLLAR SIGNS OR COMMAS OR YOUR ANSWER WILL BE MARKED WRONG. ITEM Benson Chair Watson Chair Waters Chair In the Soil Chair UNITS 100 60 70 125 COST $150 $100 $100 $125 NET REALIZABLE VALUE TOTAL ORIGINAL COST 125 $80 $100 $130 LOWER OF COST OR NET REVISED TOTAL COST REALIZABLE VALUE For Blank 6

Answer rating: 100% (QA)

The image shows a question related to accounting specifically inventory valuation using the Lower of Cost or Net Realizable Value LCNRV method The tas... View the full answer