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 Units Unit Cost Unit NRV Hockey sticks: 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

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 Units Unit Cost Unit NRV Hockey sticks: 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

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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Question-based on, "using Weighted Average cost"... I have tried it but unable to get the correct answer. Any help would be appreciated.
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Wildhorse's Gift Shop uses a perpetual inventory system and the FIFO cost formula for valuing inventory. The company is now in the process of comparing the cost of its inventory with its net realizable value. The following data are available at Wildhorse's Gift Shop's year end, December 31: Clothing Units Unit Cost 91 $8 76 20 2017 Greeting cards 47 4 60 12 Jewellery Stuffed toys (a) Net Realizable Value per Unit Lower of cost and net realizable value $6 $ 27 5 Determine the lower of cost and net realizable value of the ending inventory assuming Wildhorse's Gift Shop applies LCNRV on individual items. 38
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