The inventory of 3T Company on December 31, 2014, consists of the following items. Part No. Quantity Cost per Unit Cost to Replace per Unit a 110 630 $ 115 $ 128 111 1,060 77 67 112 590 102 97 113 210 218 230 120 460 262 266 121 a 1,700 20 18 122 370 307 301 Part No. 121 is obsolete and has a realizable value of $0.64 each as scrap. Determine the inventory by the lower-of-cost-or-market method, applying the method to the total of the inventory.
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- hre.2The inventory of Coronado Company on December 31, 2020, consists of the following items. Part Quantity Cost per Unit Net Realizable Value 110 620 $117.00 $123.00 111 920 73.80 64.00 112 530 98.40 93.00 113 190 209.10 221.40 120 370 252.00 256.00 121 a 1,700 20.00 1.00 122 330 295.20 289.00 a Part No. 121 is obsolete and has a realizable value of $1.00 each as scrap.(a) Determine the inventory as of December 31, 2020, by the LCNRV method, applying this method to each item. Inventory as of December 31, 2020 $enter the Inventory as of December 31 in dollars (b) Determine the inventory by the LCNRV method, applying the method to the total of the inventory. Inventory as of December 31, 2020 $enter the Inventory as of December 31 in dollarsThe inventory of 3t Company on December 31, 2014, consists of the following items: Part No. Quantity Cost per Unit Cost to Replace per Unit 110 650 $ 135 $ 150 111 1,040 90 78 112 540 120 114 113 220 255 270 120 500 308 312 121* 1,600 24 21 122 390 360 353 (* - Part No. 121 is obsolete and has a realizable value of $0.75 each as scrap) a. Determine the inventory as of December 31, 2014, by the lower-of- cost-or-market method, applying this method directly to each item.
- The inventory of Metlock Company on December 31, 2020, consists of the following items. Part Quantity Cost per Unit Net Realizable Value 110 570 $113.00 $119.00 111 970 71.40 62.00 112 540 95.20 90.00 113 180 202.30 214.20 120 380 244.00 248.00 121 1,500 19.00 1.00 122 300 285.60 280.00 a Part No. 121 is obsolete and has a realizable value of $1.00 each as scrap. (a) Determine the inventory as of December 31, 2020, by the LCNRV method, applying this method to each item. Inventory as of December 31, 2020 $4 (b) Determine the inventory by the LCNRV method, applying the method to the total of the inventory.The inventory of Oheto Company on December 31, 2020, consists of the following items. Part Quantity Cost per Unit Net Realizable Value 110 6000 $ 95000 $10000000 111 1,0000 60000 5200000 112 5000 80000 7600000 113 2000 170000 18000000 120 4000 205000 20800000 121a 1,6000 16000 100000 122 3000 240000 23500000 aPart No. 121 is obsolete and has a realizable value of $1 each as scrap. Instructions a. Determine the inventory as of December 31, 2020, by the LCNRV method, applying this method to each item. b. Determine the inventory by the LCNRV method, applying the method to the total of the inventory.Vai
- The inventory of 3T Company on December 31, 2014, consists of the following items. Part No. Quantity Cost per Unit Cost to Replace per Unit 110 630 $ 99 $ 110 111 1,110 66 57 112 510 88 84 113 260 187 198 120 470 226 229 121 a 1,700 18 15 122 360 264 259 a Part No. 121 is obsolete and has a realizable value of $0.55 each as scrap. (a) Determine the inventory as of December 31, 2014, by the lower-of-cost-or-market method, applying this method directly to each item. Inventory as of December 31, 2013 $ (b) Determine the inventory by the lower-of-cost-or-market method, applying the method to the total of the inventory. Inventory as of December 31, 2013 $The inventory of Oheto Company on December 31, 2020, consists of the following items. Part Quantity Cost per Unit Net Realizable Value 110 600 $95.00 $100.00 111 1,000 60.00 52.00 112 500 80 76.00 113 200 170 180.00 120 400 205.00 208.00 121 1,600 16.00 1.00 122 300 240 235.00 a Part No. 121 is obsolete and has a realizable value of $1.00 each as scrap.(a) Determine the inventory as of December 31, 2020, by the LCNRV method, applying this method to each item. Inventory as of December 31, 2020 $ (b) Determine the inventory by the LCNRV method, applying the method to the total of the inventory. Inventory as of December 31, 2020 $The inventory of Ivanhoe Company on December 31, 2020, consists of the following items. Cost per Net Realizable Part Quantity unit Value A419 3,400 $ 8 $ 14 A435 2,890 6 5 A545 6,868 5 8 A615 5,100 7 5 A721 7,480 7 7 A885 9,520 11 14 a A999 6,256 5 1 a Part No. A999 is obsolete and has a realizable value of $ 1 each as scrap. LO
- The inventory of Carla Vista Company on December 31, 2020, consists of the following items. Cost per Net Realizable Part Quantity unit Value A419 6,800 $ 16 $ 29 A435 5,780 12 10 A545 13,736 11 16 A615 10,200 15 11 A721 14,960 14 15 A885 19,040 22 27 a A999 12,512 10 1 a Part No. A999 is obsolete and has a realizable value of $ 1 each as scrap. (a) Determine the inventory as of December 31, 2020, by the LCNRV method, applying this method to each item. Inventory as of December 31, 2020 $ (b) Determine the inventory by the LCNRV method, applying the method to the total of the inventory. Inventory as of December 31, 2020 %242E8.1 (LO 1) Excel (LCNRV) The inventory of Oheto Company on December 31, 2025, consists of the following items. Part 110 111 Quantity 600 1,000 500 200 Cost per Unit $95 60 80 170 Net Realizable Value $100 52 76 180 208 1 235 400 205 121" 1,600 16 122 300 240 *Part No. 121 is obsolete and has a realizable value of $1 each as scrap Instructions a. Determine the inventory as of December 31, 2025, by the LCNRV method, applying this method to each item. b. Determine the inventory by the LCNRV method, applying the method to the total of the inventory.