(1) Determine the amount of write-down, if any, using an item-by-item LCNRV evaluation. (If no write-down, enter o for theamounts)ItemJokersPenguins $Riddlers$Scarecrows$$Write-down(2) Determine the amount of write-down, if any, using a total category LCNRV evaluation. (If no write-down, enter O for the amount.)Total category LCNRV$23 Crane Corporation has the following four items in its ending inventory.ItemJokers$2,0405,1004,488Scarecrows 3,264CostPenguinsRiddlersNet RealizableValue (NRV)$2,1425,0494,7183,9074

Please fallow the answer below: Solution: Principles of Generally Accepted Accounting - These are…

Answered: Crane Corporation has the following…

Crane Corporation has the following four items in its endin Item Jokers Penguins Riddlers Scarecrows Cost $2,040 5,100 4,488 3,264 Net Realizable Value (NRV) $2,142 5,049 4,718 3,907 4

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 6MCQ: Refer to the information for Morgan Inc. above. If Morgan uses a perpetual inventory system, what is...

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Question

(1) Determine the amount of write-down, if any, using an item-by-item LCNRV evaluation. (If no write-down, enter o for the
amounts)
Item
Jokers
Penguins $
Riddlers
$
Scarecrows
$
$
Write-down
(2) Determine the amount of write-down, if any, using a total category LCNRV evaluation. (If no write-down, enter O for the amount.)
Total category LCNRV
$
23

Crane Corporation has the following four items in its ending inventory.
Item
Jokers
$2,040
5,100
4,488
Scarecrows 3,264
Cost
Penguins
Riddlers
Net Realizable
Value (NRV)
$2,142
5,049
4,718
3,907
4

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