Presented below is information related to Waterway Inc's inventory. (per unit) Skis Boots Parkas Historical cost $370.50 $206.70 $103.35 Selling price 413.40 282.75 143.81 Cost to sell 37.05 15.60 4.88 Cost to complete 62.40 56.55 41.44 Determine the following: the net realizable value for each item, and the carrying value of each item under LCNRY 2 decimal places, e.g. 52.75.) Item Cost NRV LCNRV Skis %24 %24 Boots Parkas

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 Waterway Inc.'s inventory.

| (per unit)        | Skis     | Boots   | Parkas  |
|-------------------|----------|---------|---------|
| Historical cost   | $370.50  | $206.70 | $103.35 |
| Selling price     | 413.40   | 282.75  | 143.81  |
| Cost to sell      | 37.05    | 15.60   | 4.88    |
| Cost to complete  | 62.40    | 56.55   | 41.44   |

Determine the following: the net realizable value for each item, and the carrying value of each item under LCNRV.

Note: Use 2 decimal places, e.g., 52.75.

| Item   | Cost | NRV | LCNRV |
|--------|------|-----|-------|
| Skis   | $    | $   | $     |
| Boots  | $    | $   | $     |
| Parkas | $    | $   | $     |
Transcribed Image Text:Presented below is information related to Waterway Inc.'s inventory. | (per unit) | Skis | Boots | Parkas | |-------------------|----------|---------|---------| | Historical cost | $370.50 | $206.70 | $103.35 | | Selling price | 413.40 | 282.75 | 143.81 | | Cost to sell | 37.05 | 15.60 | 4.88 | | Cost to complete | 62.40 | 56.55 | 41.44 | Determine the following: the net realizable value for each item, and the carrying value of each item under LCNRV. Note: Use 2 decimal places, e.g., 52.75. | Item | Cost | NRV | LCNRV | |--------|------|-----|-------| | Skis | $ | $ | $ | | Boots | $ | $ | $ | | Parkas | $ | $ | $ |
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