The following information pertalns to the physical inventory of Electronics Unlimited taken at December 31:Per UnitUnits onProductHandCostNRVAudio equipment:Wireless audio receiversTouchscreen MP3 players332247$199$188203223Audio mixers313193177Audio stands19185103Video equipment:Televisions4672532985GB video cards278171183Satellite video recorders199613618Car equipment:GPS navigators172171145Double-DIN Car Deck with iPod/iPhone Control157213198and Aux InputRequlred:1. Calculate the LCNRV for the:a. Inventory by major groupb. Inventory, applied separately to each product.Per UnitLCNRV applied to:b.InventoryItemsSeparatelyto EachProducta.Units on HandCostNRVTotal costTotal NRVMajor GroupAudio equipment:Wireless audio receivers332199188Touchscreen MP3 players247203223

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Description: The following information pertalns to the physical inventory of Electronics Unlimited taken at December 31:Per UnitUnits onProductHandCostNRVAudio equipment:Wireless audio receiversTouchscreen MP3 players332247$199$188203223Audio mixers313193177Audi

LCNRV refers to the method of valuing inventories at the cost price or net realizable value,…

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 332 $199 $188 Touchscreen MP3 players Audio mixers Audio stands video equipment: Televisions 247 203 223 313 193 177 191 85 1e3 467 253 298 SGB video cards 278 171 183 Satellite video recorders Car equipment: 199 613 618 GPS navigators Double-DIN Car Deck with iPod/iPhone Control 172 171 145 157 213 198 and Aux Input Required: 1. Calculate the LCNRV for the: a. Inventory by major group b. Inventory, appled separately to each product.

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 332 $199 $188 Touchscreen MP3 players Audio mixers Audio stands video equipment: Televisions 247 203 223 313 193 177 191 85 1e3 467 253 298 SGB video cards 278 171 183 Satellite video recorders Car equipment: 199 613 618 GPS navigators Double-DIN Car Deck with iPod/iPhone Control 172 171 145 157 213 198 and Aux Input Required: 1. Calculate the LCNRV for the: a. Inventory by major group b. Inventory, appled separately to each product.

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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