Presented below is information related to Nash Inc.'s inventory. (per unit) Skis Boots Parkas Historical cost $209.00 $116.60 $58.30 Selling price 233.20 159.50 81.13 Cost to sell 20.90 8.80 2.75 Cost to complete 35.20 31.90 23.38 Determine the following: the net realizable value for each item, and the carrying value of each item under LCNRV. (Round answers 2 decimal places, e.g. 52.75.) Item Skis $ Boots Parkas Cost NRV $ $ LCNRV

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Presented below is information related to Nash Inc.'s inventory.
(per unit)
Skis
Boots
Parkas
Historical cost
$209.00
$116.60
$58.30
Selling price
233.20
159.50
81.13
Cost to sell
20.90
8.80
2.75
Cost to complete
35.20
31.90
23.38
Determine the following: the net realizable value for each item, and the carrying value of each item under LCNRV. (Round answers
2 decimal places, e.g. 52.75.)
Item
Skis
$
Boots
Parkas
Cost
NRV
$
$
LCNRV
Transcribed Image Text:Presented below is information related to Nash Inc.'s inventory. (per unit) Skis Boots Parkas Historical cost $209.00 $116.60 $58.30 Selling price 233.20 159.50 81.13 Cost to sell 20.90 8.80 2.75 Cost to complete 35.20 31.90 23.38 Determine the following: the net realizable value for each item, and the carrying value of each item under LCNRV. (Round answers 2 decimal places, e.g. 52.75.) Item Skis $ Boots Parkas Cost NRV $ $ LCNRV
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