The inventory of 3T Company on December 31, 2017, consists of the following items. Instructions (a) Determine

Question:

The inventory of 3T Company on December 31, 2017, consists of the following items.

Instructions
(a) Determine the inventory as at December 31, 2017, by the lower of cost and net realizable value method, applying this method directly to each item.
(b) Determine the inventory as at December 31, 2017, by the lower of cost and net realizable value method, applying the method to the total of the inventory.

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Per Unit Lower of Part No Quantity Cost NRV Total Cost Total NRV Cost and ...View the full answer

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Question Posted: Feb 27, 2017 04:03 AM

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The inventory of 3T Company on December 31, 2017, consists of the following items. Instructions (a) Determine

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Quantity 600 1,000 500 200 400 1,600 300 Part No Cost per Unit NRV $100 52 76 180 208 .20 235 110 112 113 120 121 122 $90 60 80 170 205 240 Part No. 121 is obsolete and has a realizable value of $0.20 each as scrap.

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Per Unit Lower of Part No Quantity Cost NRV Total Cost Total NRV Cost and ...View the full answer

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