Calculate the ending inventory balance for hockey sticks and helmets using the lower of cost and bet realizable value for each item. (Bauer, Ccm, Warrior, Adidas, Nike, Mission and the total) Ivanhoe Hockey Inc. has the largest selection of hockey equipment of any retailer in the city in which it operates. Ivanhoe reported the following cost and net realizable value information for inventory at December 31: Item Units Unit Cost Unit NRV Hockey sticks: \ table[[Bauer, 24, $94, $199 Ivanhoe Hockey Inc. has the largest selection of hockey equipment of any retailer in the city in which it operates. Ivanhoe reported the following cost and net realizable value information for inventory at December 31: Item Hockey sticks: Units Unit Cost Unit NRV Bauer 24 $94 $199 CCM 14 $199 $149 Warrior 58 $249 $249 Helmets: Adidas 12 $189 $124 Nike 11 $174 $174 Mission 26 $74 $199

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Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.