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A545 13,736 11 16 A615 10,200 15 11 A721 14,960 14 15 A885 19,040 22 27 a A999 12,512 10 1 a Part No. A999 is obsolete and has a realizable value of $ 1 each as scrap.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 2$ (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 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A545 13,736 11 16 A615 10,200 15 11 A721 14,960 14 15 A885 19,040 22 27 a A999 12,512 10 1 a Part No. A999 is obsolete and has a realizable value of $ 1 each as scrap.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 2$ (b) Determine the inventory by the LCNRV method, applying the method to the total of the inventory. Inventory as of December 31, 2020 $
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 2MC: The following items were included in Venicio Corporations inventory account on December 31, 2019:...
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![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a Part No. A999 is obsolete and has a realizable value of $ 1 each as scrap.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
%24](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc0649a9d-e0b1-4397-844e-07338f964124%2F60bc4f09-931f-4cf1-887a-d4a7c96ac66a%2F8j76yuj_processed.png&w=3840&q=75)
Transcribed Image Text: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
%24
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