The inventory of Bridgeport Company on December 31, 2023, consists of the following items. Part No. Quantity Cost per Unit 670 1,030 110 111 112 113 120 121. 122 400 280 490 1,600 480 $80 60 80 160 195 13 260 NRV $120 52 56 190 218 0.20 245 "Part No. 121 is obsolete and has a realizable value of $0.20 each as scrap. (a) Determine the inventory as at December 31, 2023, using the lower of cost and net realizable value method, applying this method directly to each item.
The inventory of Bridgeport Company on December 31, 2023, consists of the following items. Part No. Quantity Cost per Unit 670 1,030 110 111 112 113 120 121. 122 400 280 490 1,600 480 $80 60 80 160 195 13 260 NRV $120 52 56 190 218 0.20 245 "Part No. 121 is obsolete and has a realizable value of $0.20 each as scrap. (a) Determine the inventory as at December 31, 2023, using the lower of cost and net realizable value method, applying this method directly to each item.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:*Part No. 121 is obsolete and has a realizable value of $0.20 each as scrap.
(a) Determine the inventory as at December 31, 2023, using the lower of cost and net realizable value method, applying this method
directly to each item.
Inventory as at December 31, 2023 $
(b) Determine the inventory as at December 31, 2023, using the lower of cost and net realizable value method, applying the method to
the total of the inventory.
Inventory as at December 31, 2023
Transcribed Image Text:The inventory of Bridgeport Company on December 31, 2023, consists of the following items.
Part No. Quantity Cost per Unit
110
670
111
1,030
112
113
120
121.
122
400
280
490
1,600
480
$80
60
80
160
195
13
260
NRV
$120
52
56
190
218
0.20
245
"Part No. 121 is obsolete and has a realizable value of $0.20 each as scrap.
(a) Determine the inventory as at December 31, 2023, using the lower of cost and net realizable value method, applying this method
directly to each item.
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