The following information pertains to the physical inventory of Geo Furniture Company taken at December 31: Required:
Question:
Required:
1. Calculate the LCNRV for the:
a. Inventory by major category
b. 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 Office furniture: Desks Credenzas....290 Chairs. Bookshelves. $305 256 43 82 430 $261 227 49 93 585 320 Filing cabinets: 81 135 104 70 122 118 Two-drawer 215 Lateral 178 Office equipment ....415 544 Typewriters.355 168 317 125 200 288 Fax machineS.... Copiers.
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Part 1 Inventory Items Office furniture Desks Credenzas Chairs Bookshel...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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