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esented below is information elated to shemelo incis invent (per unit) Historical cost Selling price Cost to sell Cost to complete Skis $351.50 392.20 35.15 59.20 Boots Parkas $196.10 $98.05 268.25 136.44. 14.80 4.63 53.65 39.31 Determine the following the net realizable value for each item, and the carrying value of each item under LCNRV. (Round answers to 2 decimal places, eg. 52.75)

esented below is information elated to shemelo incis invent (per unit) Historical cost Selling price Cost to sell Cost to complete Skis $351.50 392.20 35.15 59.20 Boots Parkas $196.10 $98.05 268.25 136.44. 14.80 4.63 53.65 39.31 Determine the following the net realizable value for each item, and the carrying value of each item under LCNRV. (Round answers to 2 decimal places, eg. 52.75)

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 information related to Sheffield Inc's Inventory. (per unit) Historical cost Selling price Cost to sell Cost to complete Item Skis Boots Skis Parkas $351.50 392.20 35.15 59.20 Boots $196.10 Determine the following the net realizable value for each item, and the carrying value of each item under LCNRV. (Round answers to 2 decimal places, eg. 52.75.) Cost 268.25 14.80 53.65 Parkas $98.05 136.44 4.63 39.31 NRV LCNRV
Transcribed Image Text:Presented below is information related to Sheffield Inc's Inventory. (per unit) Historical cost Selling price Cost to sell Cost to complete Item Skis Boots Skis Parkas $351.50 392.20 35.15 59.20 Boots $196.10 Determine the following the net realizable value for each item, and the carrying value of each item under LCNRV. (Round answers to 2 decimal places, eg. 52.75.) Cost 268.25 14.80 53.65 Parkas $98.05 136.44 4.63 39.31 NRV LCNRV
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