The inventory of Nash Company on December 31, 2025, consists of the following items. Part 110 111 112 113 120 121 a 122 Quantity 600 920 490 220 360 1,500 320 Cost per Unit Net Realizable Value $98.00 61.80 82.40 175.10 211.00 16.00 247.20 Inventory as of December 31, 2025 $ $103.00 54.00 Inventory as of December 31, 2025 $ 78.00 185.40 214.00 1.00 Part No. 121 is obsolete and has a realizable value of $1.00 each as scrap. (a) Determine the inventory as of December 31, 2025, by the LCNRV method, applying this method to each item. 242.00 (b) Determine the inventory by the LCNRV method, applying the method to the total of the inventory. 293744

The inventory of Nash Company on December 31, 2025, consists of the following items. Part 110 111 112 113 120 121 a 122 Quantity 600 920 490 220 360 1,500 320 Cost per Unit Net Realizable Value $98.00 61.80 82.40 175.10 211.00 16.00 247.20 Inventory as of December 31, 2025 $ $103.00 54.00 Inventory as of December 31, 2025 $ 78.00 185.40 214.00 1.00 Part No. 121 is obsolete and has a realizable value of $1.00 each as scrap. (a) Determine the inventory as of December 31, 2025, by the LCNRV method, applying this method to each item. 242.00 (b) Determine the inventory by the LCNRV method, applying the method to the total of the inventory. 293744

Name: Please do not give solution in image format thanku The inventory of Na
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Description: Please do not give solution in image format thanku The inventory of Nash Company on December 31, 2025, consists of the following items.Part110111112113120121 a122Quantity6009204902203601,500320Cost per Unit$98.0061.8082.40175.10211.0016.00247.20Net R

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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Concept explainers

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.

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Question

Please do not give solution in image format thanku

The inventory of Nash Company on December 31, 2025, consists of the following items.
Part
110
111
112
113
120
121 a
122
Quantity
600
920
490
220
360
1,500
320
Cost per Unit
$98.00
61.80
82.40
175.10
211.00
16.00
247.20
Net Realizable Value
Inventory as of December 31, 2025 $
$103.00
54.00
Inventory as of December 31, 2025 $
78.00
185.40
214.00
1.00
Part No. 121 is obsolete and has a realizable value of $1.00 each as scrap.
242.00
(a) Determine the inventory as of December 31, 2025, by the LCNRV method, applying this method to each item.
(b) Determine the inventory by the LCNRV method, applying the method to the total of the inventory.
293744

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