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$92 $96 111 960 56 50 112 480 80 77 113 192 160 176 120 384 196 174 121 a 1,536 21 1 122 288 232 228 a Part No. 121 is obsolete and has a realizable value of $1 each as scrap.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

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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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a Part No. 121 is obsolete and has a realizable value of $1 each as scrap.
× 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
Transcribed Image Text: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$92 $96 111 960 56 50 112 480 80 77 113 192 160 176 120 384 196 174 121 a 1,536 21 1 122 288 232 228 a Part No. 121 is obsolete and has a realizable value of $1 each as scrap. × 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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