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.
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
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 7MCQ
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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.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9d45dee8-49db-4fe3-9c09-aff44b811cdd%2F9d425049-bbf8-4261-a26a-265845c52fea%2Fbwiukys_processed.jpeg&w=3840&q=75)
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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