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229.50   243.00 120     410   277.00   281.00 121 a   1,700   22.00   1.00 122     280   324.00   317.00 a Part No. 121 is obsolete and has a realizable value of $1.00 each as scrap.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

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A: FIFO method is one of the methods of inventory valuation in which it is assumed that old purchases…

Q: Sheffield’s days in inventory in 2018 was

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Q: Ending inventory Cost of goods sold

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A:

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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.