Part No. 121 is obsolete and has a realizable value of $1.00 each as scrap. (a) Determine the inventory as of December 31, 2025, by the LCNRV method, applying this method to each item. Inventory as of December 31, 2025 $ (b) Determine the inventory by the LCNRV method, applying the method to the total of the inventory. Inventory as of December 31, 2025 $
Part No. 121 is obsolete and has a realizable value of $1.00 each as scrap. (a) Determine the inventory as of December 31, 2025, by the LCNRV method, applying this method to each item. Inventory as of December 31, 2025 $ (b) Determine the inventory by the LCNRV method, applying the method to the total of the inventory. Inventory as of December 31, 2025 $
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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![Part No. 121 is obsolete and has a realizable value of $1.00 each as scrap.
(a) Determine the inventory as of December 31, 2025, by the LCNRV method, applying this method to each item.
Inventory as of December 31, 2025 $
(b) Determine the inventory by the LCNRV method, applying the method to the total of the inventory.
Inventory as of December 31, 2025 $](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F8aca326f-324e-4173-b188-192d48e02cc0%2Fd1d8ecb9-96c2-425d-9eda-b9cd7f9d9446%2Fk9rigtm_processed.png&w=3840&q=75)
Transcribed Image Text:Part No. 121 is obsolete and has a realizable value of $1.00 each as scrap.
(a) Determine the inventory as of December 31, 2025, by the LCNRV method, applying this method to each item.
Inventory as of December 31, 2025 $
(b) Determine the inventory by the LCNRV method, applying the method to the total of the inventory.
Inventory as of December 31, 2025 $
![The inventory of Bonita Company on December 31, 2025, consists of the following items.
Part
110
111
112
113
120
121
122
a
Quantity
580
910
540
190
400
1,600
270
Cost per Unit Net Realizable Value
$111.00
70.20
93.60
198.90
240.00
19.00
280.80
$117.00
61.00
89.00
210.60
243.00
1.00
275.00](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F8aca326f-324e-4173-b188-192d48e02cc0%2Fd1d8ecb9-96c2-425d-9eda-b9cd7f9d9446%2Ftc8egvq_processed.png&w=3840&q=75)
Transcribed Image Text:The inventory of Bonita Company on December 31, 2025, consists of the following items.
Part
110
111
112
113
120
121
122
a
Quantity
580
910
540
190
400
1,600
270
Cost per Unit Net Realizable Value
$111.00
70.20
93.60
198.90
240.00
19.00
280.80
$117.00
61.00
89.00
210.60
243.00
1.00
275.00
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