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The inventory of Blossom Company on December 31, 2022, consists of the following items. Part No. Quantity Cost per Unit Net Realizable Value per Unit 110 744 $120 $124 111 1,240 70 64 112 620 108 105 113 248 202 232 120 496 252 188 121 a 1,984 35 1 122 372 302 298 a Part No. 121 is obsolete and has a realizable value of $1 each as scrap. (a) Your answer is incorrect. Determine the inventory as of December 31, 2022, by the LCNRV method, applying this method to each item. Inventory as of December 31, 2022 $

The inventory of Blossom Company on December 31, 2022, consists of the following items. Part No. Quantity Cost per Unit Net Realizable Value per Unit 110 744 $120 $124 111 1,240 70 64 112 620 108 105 113 248 202 232 120 496 252 188 121 a 1,984 35 1 122 372 302 298 a Part No. 121 is obsolete and has a realizable value of $1 each as scrap. (a) Your answer is incorrect. Determine the inventory as of December 31, 2022, by the LCNRV method, applying this method to each item. Inventory as of December 31, 2022 $

FINANCIAL ACCOUNTING
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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The inventory of Blossom Company on December 31, 2022, consists of the following items. Part No. Quantity Cost per Unit Net Realizable Value per Unit 110 744 $120 $124 111 1,240 70 64 112 620 108 105 113 248 202 232 120 496 252 188 121 a 1,984 35 1 122 372 302 298 a Part No. 121 is obsolete and has a realizable value of $1 each as scrap. (a) Your answer is incorrect. Determine the inventory as of December 31, 2022, by the LCNRV method, applying this method to each item. Inventory as of December 31, 2022 $
Transcribed Image Text:The inventory of Blossom Company on December 31, 2022, consists of the following items. Part No. Quantity Cost per Unit Net Realizable Value per Unit 110 744 $120 $124 111 1,240 70 64 112 620 108 105 113 248 202 232 120 496 252 188 121 a 1,984 35 1 122 372 302 298 a Part No. 121 is obsolete and has a realizable value of $1 each as scrap. (a) Your answer is incorrect. Determine the inventory as of December 31, 2022, by the LCNRV method, applying this method to each item. Inventory as of December 31, 2022 $
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