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A company has four products in its inventory. Information about ending inventory is as follows: Total Net Realizable Value Product 101 102 103 104 Total Cost $ 136,000 99,000 68,000 38,000 Required: 1. Determine the carrying value of ending inventory assuming the lower of cost or net realizable value (LCNRV) rule is applied to individual products. 2. Assuming that inventory write-downs are common for the company, record any necessary year-end adjusting entry. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Product 101 102 103 104 Determine the carrying value of ending inventory assuming the lower of cost or net realizable value (LCNRV) rule is applied to individual products. $ 108,000 118,000 58,000 58,000 Cost $ 136,000 $ 99,000 $ 68,000 38,000 341,000 NRV 108,000 118,000 58,000 58,000 Inventory Value $ 0 < Required 1 Required 2 >

A company has four products in its inventory. Information about ending inventory is as follows: Total Net Realizable Value Product 101 102 103 104 Total Cost $ 136,000 99,000 68,000 38,000 Required: 1. Determine the carrying value of ending inventory assuming the lower of cost or net realizable value (LCNRV) rule is applied to individual products. 2. Assuming that inventory write-downs are common for the company, record any necessary year-end adjusting entry. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Product 101 102 103 104 Determine the carrying value of ending inventory assuming the lower of cost or net realizable value (LCNRV) rule is applied to individual products. $ 108,000 118,000 58,000 58,000 Cost $ 136,000 $ 99,000 $ 68,000 38,000 341,000 NRV 108,000 118,000 58,000 58,000 Inventory Value $ 0 < Required 1 Required 2 >

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 36BE: Effects of Inventory Costing Methods Refer to the information for Tyler Company above. Required: 1....
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3 A company has four products in its inventory. Information about ending inventory is as follows: Total Net Realizable Value. Product 101 102 103 104 Total Cost $ 136,000 99,000 68,000 38,000 Required: 1. Determine the carrying value of ending inventory assuming the lower of cost or net realizable value (LCNRV) rule is applied to individual products. 2. Assuming that inventory write-downs are common for the company, record any necessary year-end adjusting entry. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Product Determine the carrying value of ending inventory assuming the lower of cost or net realizable value (LCNRV) rule is applied to individual products. 101 102 103 104 $ 108,000 118,000 58,000 58,000 Cost $ 136,000 $ 99,000 68,000 38,000 341,000 $ NRV 108,000 118,000 58,000 58,000 Inventory Value $ 0 < Required 1 Required 2 >
Transcribed Image Text:3 A company has four products in its inventory. Information about ending inventory is as follows: Total Net Realizable Value. Product 101 102 103 104 Total Cost $ 136,000 99,000 68,000 38,000 Required: 1. Determine the carrying value of ending inventory assuming the lower of cost or net realizable value (LCNRV) rule is applied to individual products. 2. Assuming that inventory write-downs are common for the company, record any necessary year-end adjusting entry. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Product Determine the carrying value of ending inventory assuming the lower of cost or net realizable value (LCNRV) rule is applied to individual products. 101 102 103 104 $ 108,000 118,000 58,000 58,000 Cost $ 136,000 $ 99,000 68,000 38,000 341,000 $ NRV 108,000 118,000 58,000 58,000 Inventory Value $ 0 < Required 1 Required 2 >
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