You have been provided with the following information regarding R-Steel Inc.'s inventory for March, April, and May.

Instructions
(a) Calculate the cost and net realizable value of R-Steel's inventory at (1) March 31, (2) April 30, and (3) May 31.
(b) Prepare any journal entry required to record the LCNRV of the steel inventory at (1) March 31, (2) April 30, and (3) May 31. Assume that R-Steel uses a perpetual inventory system.

Transcribed Image Text:

Steel Inventory (in tonnes) Cost/Tonne NRV/Tonne March 31 April 30 May 31 30,000 25,000 28,000 $725 715 725 $740 710 725