References A company has lour Product 101 102 103 104 Total Cost $ 146,000 108,000 73,000 43,000 Required: 1. Determine the carrying value of ending inventory assuming the lower of cost or net realizable value (LCNRV) rule is applied to individual products. 2. Assuming that inventory write-downs are common for the company, record any necessary year-end adjusting entry. Required 1 Required 2 Complete this question by entering your answers in the tabs below. Product 101 102 103 104 $ Determine the carrying value of ending inventory assuming the lower of cost or net realizable value (LCNRV) rule is applied to individual products. $ Total Net Realizable Value $ 113,000 123,000 63,000 63,000 Cost 146,000 $ 108,000 73,000 43,000 370,000 NRV 113,000 123,000 63,000 63,000 Inventory Value $ 0
References A company has lour Product 101 102 103 104 Total Cost $ 146,000 108,000 73,000 43,000 Required: 1. Determine the carrying value of ending inventory assuming the lower of cost or net realizable value (LCNRV) rule is applied to individual products. 2. Assuming that inventory write-downs are common for the company, record any necessary year-end adjusting entry. Required 1 Required 2 Complete this question by entering your answers in the tabs below. Product 101 102 103 104 $ Determine the carrying value of ending inventory assuming the lower of cost or net realizable value (LCNRV) rule is applied to individual products. $ Total Net Realizable Value $ 113,000 123,000 63,000 63,000 Cost 146,000 $ 108,000 73,000 43,000 370,000 NRV 113,000 123,000 63,000 63,000 Inventory Value $ 0
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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References
A company has four products in its inventory. Information about ending inventory is as follows:
Total Net
Realizable Value
$ 113,000
123,000
63,000
63,000
Product
101
102
103
104
Required:
1. Determine the carrying value of ending inventory assuming the lower of cost or net realizable value (LCNRV) rule is applied to
individual products.
2. Assuming that inventory write-downs are common for the company, record any necessary year-end adjusting entry.
Complete this question by entering your answers in the tabs below.
Required 1
Total Cost
$ 146,000
108,000
73,000
43,000
Product
101
102
103
104
Determine the carrying value of ending inventory assuming the lower of cost or net realizable value (LCNRV) rule is applied to
individual products.
$
$
Required 2
Cost
146,000 $
108,000
73,000
43,000
370,000
NRV
113,000
123,000
63,000
63,000
Inventory
Value
$ 0
K
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