Larsen Gear Co. reports inventory using the lower of cost and net realizable value (NRV). Below is information related to its year-end inventory. Inventory Quantity Cost NRV Hiking Boots 25 Backpacks 18 $85 $78 $120 $130 Calculate the amount to be reported for ending inventory.

Cornerstones of Financial Accounting
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ISBN:9781337690881
Author:Jay Rich, Jeff Jones
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Chapter6: Cost Of Goods Sold And Inventory
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Larsen Gear Co. reports inventory using the lower of cost
and net realizable value (NRV). Below is information
related to its year-end inventory.
Inventory Quantity Cost NRV
Hiking Boots 25
Backpacks
18
$85 $78
$120 $130
Calculate the amount to be reported for ending inventory.
Transcribed Image Text:Larsen Gear Co. reports inventory using the lower of cost and net realizable value (NRV). Below is information related to its year-end inventory. Inventory Quantity Cost NRV Hiking Boots 25 Backpacks 18 $85 $78 $120 $130 Calculate the amount to be reported for ending inventory.
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