Creative Technology reports inventory using the lower of cost and net realizable value (NRV). Below is information related to its year-end inventory.Unit UnitCost NRV$52 $82Optima camerasInspire speakers6252Calculate the total amount to be reported for ending inventory in the balance sheet.InventoryInventoryOptima cameraInspire speakersQuantity12030Quantity12030Lower of Cost andNRV per unitEndingInventory$$000

Name: Creative Technology reports inventory using the lower of cost and net
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Description: Creative Technology reports inventory using the lower of cost and net realizable value (NRV). Below is information related to its year-end inventory.Unit UnitCost NRV$52 $82Optima camerasInspire speakers6252Calculate the total amount to be reported

According to Accounting Standard “inventory valuation”, inventory is valued at lower of cost or net…

Business

Accounting

Creative Technology reports inventory using the lower of cost and net realizable value (NRV). Below is information related to its year- end inventory. Inventory Inventory Optima cameras Inspire speakers Calculate the total amount to be reported for ending inventory in the balance sheet. Optima camera Inspire speakers Quantity Quantity 120 30 120 30 Unit Unit Cost NRV $52 $82 62 52 Lower of Cost and NRV per unit Ending Inventory $ $ 0 0 0

Creative Technology reports inventory using the lower of cost and net realizable value (NRV). Below is information related to its year- end inventory. Inventory Inventory Optima cameras Inspire speakers Calculate the total amount to be reported for ending inventory in the balance sheet. Optima camera Inspire speakers Quantity Quantity 120 30 120 30 Unit Unit Cost NRV $52 $82 62 52 Lower of Cost and NRV per unit Ending Inventory $ $ 0 0 0

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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Subject: accounting
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