The following Information pertains to the physical inventory of Electronics Unlimited taken at December 31:Per UnitUnits onProductHandCostNRVAudio equipment:wireless audio receivers332$199$188Touchscreen MP3 playersAudio mixers247203223313193177Audio stands19185103Video equipment:Televisions4672532985GB video cards278171183Satellite video recorders199613618Car equipment:GPS navigatorsDouble-DIN Car Deck with iPod/iPhone Control172171145157213198and Aux InputRequired:1. Calculate the LCNRV for the:a. Inventory by major groupb. Inventory, applied separately to each product.Per UnitLCNRV applied to:b.Units onInventoryItemsSeparatelyto EachProducta.CostNRVTotal costTotal NRVHandMajor GroupAudio equipment:Wireless audio receivers332199188Touchscreen MP3 players247203223Audio mixers313193177

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Description: The following Information pertains to the physical inventory of Electronics Unlimited taken at December 31:Per UnitUnits onProductHandCostNRVAudio equipment:wireless audio receivers332$199$188Touchscreen MP3 playersAudio mixers247203223313193177Audi

LCNRV: it means that Inventory should be valued at lower of cost and Net realizable value(NRV) 1.…

Business

Accounting

The following Information pertains to the physical inventory of Electronics Unlimited taken at December 31: Per Unit Units on Product Hand Cost NRV Audio equipment: wireless audio receivers Touchscreen MP3 players Audio mixers $188 223 332 $199 247 203 313 193 177 Audio stands 191 85 103 Video equipment: Televisions 467 253 298 5GB video cards 278 171 183 Satellite video recorders 199 613 618 Car equipment: GPS navigators 172 171 145 Double-DIN Car Deck with iPod/iPhone Control 157 213 198 and Aux Input Required: 1. Calculate the LCNRV for the: a. Inventory by major group b. Inventory, applied separately to each product. Per Unit LCNRV applied to: b. Units on Inventory Items Separately to Each a. Cost NRV Total cost Total NRV Hand Major Group Product Audio equipment Wireless audio receivers 332 199 188 Touchscreen MP3 players 247 203 223 Audio mixers 313 193 177

The following Information pertains to the physical inventory of Electronics Unlimited taken at December 31: Per Unit Units on Product Hand Cost NRV Audio equipment: wireless audio receivers Touchscreen MP3 players Audio mixers $188 223 332 $199 247 203 313 193 177 Audio stands 191 85 103 Video equipment: Televisions 467 253 298 5GB video cards 278 171 183 Satellite video recorders 199 613 618 Car equipment: GPS navigators 172 171 145 Double-DIN Car Deck with iPod/iPhone Control 157 213 198 and Aux Input Required: 1. Calculate the LCNRV for the: a. Inventory by major group b. Inventory, applied separately to each product. Per Unit LCNRV applied to: b. Units on Inventory Items Separately to Each a. Cost NRV Total cost Total NRV Hand Major Group Product Audio equipment Wireless audio receivers 332 199 188 Touchscreen MP3 players 247 203 223 Audio mixers 313 193 177

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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