The inventory of Bonita Company on December 31, 2022, consists of the following items. Part No. Quantity Cost per Unit Net Realizable Value per Unit 110 576 $92 $96 111 960 56 50 112 480 80 77 113 192 160 176 120 384 196 174 121 a 1,536 21 1 122 288 232 228 a Part No. 121 is obsolete and has a realizable value of $1 each as scrap.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 $ 308064

The inventory of Bonita Company on December 31, 2022, consists of the following items. Part No. Quantity Cost per Unit Net Realizable Value per Unit 110 576 $92 $96 111 960 56 50 112 480 80 77 113 192 160 176 120 384 196 174 121 a 1,536 21 1 122 288 232 228 a Part No. 121 is obsolete and has a realizable value of $1 each as scrap.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 $ 308064

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Description: The inventory of Bonita Company on December 31, 2022, consists of the following items.Part No.QuantityCost per Unit Net Realizable Value per Unit110576$92$9611196056501124808077113192160176120384196174121a1,536211122288232228a Part No. 121 is obsole

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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