The following information pertains to the physical inventory of Electronics Unlimited taken at December 31: Required: 1.
Question:
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 (a) and (b).
Transcribed Image Text:
Per Unit Product Units on Hand Cost NRV Audio equipment: 335 250 316 194 $185 220 174 100 $196 200 190 82 Touchscreen MP3 players Video equipment: 295 180 61S 250 168 644 Televisions .470 1GB video cards ...281 Satellite video recorders. 202 Car audio equipment In-dash GPS navigators.175 Double-DIN CD/bluetooth/USB receivers160 142 195 168 210
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Inventory Items Audio equipment Wireless audio receivers Touchscreen MP3 players Audio mixers Audi...View the full answer
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Related Book For
Fundamental Accounting Principles
ISBN: 978-0071051507
Volume I, 14th Canadian Edition
Authors: Larson Kermit, Tilly Jensen
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