Showtime Company's ending Inventory at December 31, 2023, includes the following items: Net Realizable Units on Hand Value Per Unit 33 $119 15 142 47 176 51 96 Product BB FM MB SL Required: Calculate LCNRV for the inventory. e. As a whole (assuming the items are similar). LCNRV apped to inventory b. Applied separately to each product Product Unit Cost $114 149 190 82 88 FM MB SL 5 Total Cost 0 3 Total NRV LCNRV applied to Each Product 0 3

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Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.