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Ivanhoe Ltd. had the following items in inventory as at December 31, 2024: Item No. Quantity Unit Cost NRV A1 250 $3.00 $3.30 B4 280 2.00 1.90 C2 290 8.00 9.00 D3 310 7.00 6.80 Assume that Ivanhoe uses a perpetual inventory system. Fill in the table below for the lower of cost and net realizable value per unit, the inventory dollar amount at the lower of cost and net realizable value, and the dollar amount of the inventory at cost. Item Unit No. Quantity Cost NRV A1 12 250 $3.00 $3.30 $ B4 280 2.00 1.90 C2 290 8.00 9.00 Unit LC & NRV $ Dollar LC & NRV Dollar Cos $

Ivanhoe Ltd. had the following items in inventory as at December 31, 2024: Item No. Quantity Unit Cost NRV A1 250 $3.00 $3.30 B4 280 2.00 1.90 C2 290 8.00 9.00 D3 310 7.00 6.80 Assume that Ivanhoe uses a perpetual inventory system. Fill in the table below for the lower of cost and net realizable value per unit, the inventory dollar amount at the lower of cost and net realizable value, and the dollar amount of the inventory at cost. Item Unit No. Quantity Cost NRV A1 12 250 $3.00 $3.30 $ B4 280 2.00 1.90 C2 290 8.00 9.00 Unit LC & NRV $ Dollar LC & NRV Dollar Cos $

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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Ivanhoe Ltd. had the following items in inventory as at December 31, 2024: Item No. Quantity Unit Cost NRV A1 250 $3.00 $3.30 B4 280 2.00 1.90 C2 290 8.00 9.00 D3 310 7.00 6.80 Assume that Ivanhoe uses a perpetual inventory system. Fill in the table below for the lower of cost and net realizable value per unit, the inventory dollar amount at the lower of cost and net realizable value, and the dollar amount of the inventory at cost. Item Unit No. Quantity Cost NRV A1 250 $3.00 $3.30 $ B4 280 2.00 1.90 C2 290 8.00 9.00 Unit LC & NRV $ Dollar LC & NRV $ Dollar Cos
Transcribed Image Text:Ivanhoe Ltd. had the following items in inventory as at December 31, 2024: Item No. Quantity Unit Cost NRV A1 250 $3.00 $3.30 B4 280 2.00 1.90 C2 290 8.00 9.00 D3 310 7.00 6.80 Assume that Ivanhoe uses a perpetual inventory system. Fill in the table below for the lower of cost and net realizable value per unit, the inventory dollar amount at the lower of cost and net realizable value, and the dollar amount of the inventory at cost. Item Unit No. Quantity Cost NRV A1 250 $3.00 $3.30 $ B4 280 2.00 1.90 C2 290 8.00 9.00 Unit LC & NRV $ Dollar LC & NRV $ Dollar Cos
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