The inventory of Wildhorse Company on December 31, 2020, consists of the following items. Part   Quantity   Cost per Unit   Net Realizable Value 110     660   $128.00   $135.00 111     1,040   81.00   70.00 112     540   108.00   103.00 113     210   229.50   243.00 120     410   277.00   281.00 121 a   1,700   22.00   1.00 122     280   324.00   317.00 a Part No. 121 is obsolete and has a realizable value of $1.00 each as scrap.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

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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The inventory of Wildhorse Company on December 31, 2020, consists of the following items.

Part
 
Quantity
 
Cost per Unit
 
Net Realizable Value
110
    660   $128.00   $135.00
111
    1,040   81.00   70.00
112
    540   108.00   103.00
113
    210   229.50   243.00
120
    410   277.00   281.00
121
a
  1,700   22.00   1.00
122
    280   324.00   317.00


Part No. 121 is obsolete and has a realizable value of $1.00 each as scrap.

(a) Determine the inventory as of December 31, 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 
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