None The inventory of Shetheld Company on December 31,PartQuantityCost per UnitNet Realizable Value110640$126.00$133.001111,10079.8069.00112450106.40101.00113190226.10239.40120410273.00277.00121 a1,70021.001.00122320319.20313.00aPart No. 121 is obsolete and has a realizable value of $1.00 each as scrap.(a) Determine the inventory as of December 31, 2025, by the LCNRV method, applying this method to each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$509033(b) Determine the inventory by the LCNRV method, applying the method to the total of the inventory.Inventory as of December 31, 2025$458739

GAAP requires that inventory be valued at the lesser amount of its laid-down cost and the amount for…

Answered: Part Quantity Cost per Unit Net…

Part Quantity Cost per Unit Net Realizable Value 110 640 $126.00 $133.00 111 1,100 79.80 69.00 112 450 106.40 101.00 113 190 226.10 239.40 120 410 273.00 277.00

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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Question

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The inventory of Shetheld Company on December 31,
Part
Quantity
Cost per Unit
Net Realizable Value
110
640
$126.00
$133.00
111
1,100
79.80
69.00
112
450
106.40
101.00
113
190
226.10
239.40
120
410
273.00
277.00
121 a
1,700
21.00
1.00
122
320
319.20
313.00
aPart No. 121 is obsolete and has a realizable value of $1.00 each as scrap.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
$
509033
(b) Determine the inventory by the LCNRV method, applying the method to the total of the inventory.
Inventory as of December 31, 2025
$
458739

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