The inventory of Coronado Company on December 31, 2020, consists of the following items. Part Quantity Cost per Unit Net Realizable Value 110 620 $117.00 $123.00 111 920 73.80 64.00 112 530 98.40 93.00 113 190 209.10 221.40 120 370 252.00 256.00 121 a 1,700 20.00 1.00 122 330 295.20 289.00 a Part No. 121 is obsolete and has a realizable value of $1.00 each as scrap.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 $enter the Inventory as of December 31 in dollars (b) Determine the inventory by the LCNRV method, applying the method to the total of the inventory. Inventory as of December 31, 2020 $enter the Inventory as of December 31 in dollars
The inventory of Coronado Company on December 31, 2020, consists of the following items. Part Quantity Cost per Unit Net Realizable Value 110 620 $117.00 $123.00 111 920 73.80 64.00 112 530 98.40 93.00 113 190 209.10 221.40 120 370 252.00 256.00 121 a 1,700 20.00 1.00 122 330 295.20 289.00 a Part No. 121 is obsolete and has a realizable value of $1.00 each as scrap.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 $enter the Inventory as of December 31 in dollars (b) Determine the inventory by the LCNRV method, applying the method to the total of the inventory. Inventory as of December 31, 2020 $enter the Inventory as of December 31 in dollars
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The inventory of Coronado Company on December 31, 2020, consists of the following items.
|
Part
|
Quantity
|
Cost per Unit
|
Net Realizable Value
|
||||
|---|---|---|---|---|---|---|---|
|
110
|
620 | $117.00 | $123.00 | ||||
|
111
|
920 | 73.80 | 64.00 | ||||
|
112
|
530 | 98.40 | 93.00 | ||||
|
113
|
190 | 209.10 | 221.40 | ||||
|
120
|
370 | 252.00 | 256.00 | ||||
|
121
|
a
|
1,700 | 20.00 | 1.00 | |||
|
122
|
330 | 295.20 | 289.00 |
a Part No. 121 is obsolete and has a realizable value of $1.00 each as scrap.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 |
$enter the Inventory as of December 31 in dollars
|
(b) Determine the inventory by the LCNRV method, applying the method to the total of the inventory.
| Inventory as of December 31, 2020 |
$enter the Inventory as of December 31 in dollars
|
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