The following information pertains to the physical inventory of Electronics Unlimited taken at December 31:ProductAudio equipment:Wireless audio receiversTouchscreen MP3 playersAudio mixersAudio standsVideo equipment:Televisions5GB video cardsSatellite video recordersCar equipment:GPS navigatorsDouble-DIN Car Deck with iPod/iPhone Controland Aux InputRequired:1. Calculate the LCNRV for the:a. inventory by major groupb. inventory, applied separately to each product.InventoryItemsAudio equipmentWireless audio receiversTouchscreen MP3 playersAudio mixersAudio standsSubtotalVideo equipment:Televisions1GB video cardsSatellite video recordersSubtotalUnits onHandUnits onHand325240306184460271192460271192165150325 $240306184CostPer UnitCost245163605$19119518577245163605Per Unit163205191 $19518577NRV$18021516995NRV29017561013719018021516995290175610Total cost$$0Total NRV$0 $00LCNRV applied to:a.MajorGroupb.Separatelyto EachProduct

Lets understand the basics.As per IAS 2 "Inventory", inventory should be value at lower of cost or…

The following information pertains to the physical inventory of Electronics Unlimited taken at December 31: Product Audio equipment: Wireless audio receivers Touchscreen MP3 players Audio mixers Audio stands Video equipment: Televisions 5GB video cards Satellite video recorders Car equipment: GPS navigators Double-DIN Car Deck with iPod/iPhone Control and Aux Input Units on Hand 325 240 306 184 460 271 192 165 150 Per Unit Cost $191 195 185 77 245 163 605 163 205 NRV $180 215 169 95 290 175 610 137 190

The following information pertains to the physical inventory of Electronics Unlimited taken at December 31: Product Audio equipment: Wireless audio receivers Touchscreen MP3 players Audio mixers Audio stands Video equipment: Televisions 5GB video cards Satellite video recorders Car equipment: GPS navigators Double-DIN Car Deck with iPod/iPhone Control and Aux Input Units on Hand 325 240 306 184 460 271 192 165 150 Per Unit Cost $191 195 185 77 245 163 605 163 205 NRV $180 215 169 95 290 175 610 137 190

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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EastPoint Toyota, a small dealership, has provided you with the following information with respect to its vehicle inventory for the month of November. The company uses the specific identification method. Date Explanation Model Serial# Unit Cost Unit Selling Price Nov. 1 Inventory Corolla C63825 $15,000 Corolla C81362 18,000 Camry G62313 27,000 Venza X3892 29,000 Tundra F1883 22,000 Tundra F1921 25,000 8 Sales Corolla C81362 $19,600 Camry G62313 29,000 12 Purchases Camry G71811 28,000 Camry G71891 26,000 Venza X4212 28,000 Venza X4214 30,000 18 Sales Camry G71891 27,900 Venza X3892…
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