a Part No. A999 is obsolete and has a realizable value of $ 1 each as scrap.(a) Determine the inventory as of December 31, 2020, by the LCNRV method, applying this method to each item.Inventory as of December 31, 2020(b) Determine the inventory by the LCNRV method, applying the method to the total of the inventory.Inventory as of December 31, 2020$%24 The inventory of Ivanhoe Company on December 31, 2020, consists of the following items.Cost perNet RealizablePartQuantityunitValueA4193,400$ 8$ 14A4352,89065A5456,86858A6155,10075A7217,48077A8859,5201114aA9996,25651a Part No. A999 is obsolete and has a realizable value of $ 1 each as scrap.LO

Net realizable value means the amount that could be received after deducted all incidental expenses…

a Part No. A999 is obsolete and has a realizable value of $ 1 each as scrap. (a) Determine the inventory as of December 31, 2020, by the LCNRV method, applying this method to each item. Inventory as of December 31, 2020 $ (b) Determine the inventory by the LCNRV method, applying the method to the total of the inventory. Inventory as of December 31, 2020 2$

a Part No. A999 is obsolete and has a realizable value of $ 1 each as scrap. (a) Determine the inventory as of December 31, 2020, by the LCNRV method, applying this method to each item. Inventory as of December 31, 2020 $ (b) Determine the inventory by the LCNRV method, applying the method to the total of the inventory. Inventory as of December 31, 2020 2$

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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