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Determine the following: (a) the net realizable value for each item, and (b) the carrying value of each item under LCNRV.

Determine the following: (a) the net realizable value for each item, and (b) the carrying value of each item under LCNRV.

FINANCIAL ACCOUNTING
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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Presented below is selected information related to Bonita Electronics’ inventory. | (per unit) | HDTV-50" | HDTV-42" | TV Stand | |-------------|----------|----------|----------| | Historical cost | $496 | $354 | $71 | | Selling price | 636 | 388 | 93 | | Cost to sell | 37 | 18 | 3 | | Cost to complete| 61 | 28 | 8 | Determine the following: (a) the net realizable value for each item, and (b) the carrying value of each item under LCNRV. | | (a) NRV | (b) LCNRV | |----------------|---------|-----------| | HDTV-50" | $ | $ | | HDTV-42" | $ | $ | | TV Stand | $ | $ |
Transcribed Image Text:Presented below is selected information related to Bonita Electronics’ inventory. | (per unit) | HDTV-50" | HDTV-42" | TV Stand | |-------------|----------|----------|----------| | Historical cost | $496 | $354 | $71 | | Selling price | 636 | 388 | 93 | | Cost to sell | 37 | 18 | 3 | | Cost to complete| 61 | 28 | 8 | Determine the following: (a) the net realizable value for each item, and (b) the carrying value of each item under LCNRV. | | (a) NRV | (b) LCNRV | |----------------|---------|-----------| | HDTV-50" | $ | $ | | HDTV-42" | $ | $ | | TV Stand | $ | $ |
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