Wildhorse Ltd had the following items in inventory as at December 31, 2024 Item No. A1 84 C2 D3 (a) Quantity 320 350 Quantity 320 350 Assume that Wildhorse uses a perpetual inventory system 360 360 380 380 Fill in the table below for the lower of cost and net realizable value per unit, the inventory dollar amount at the lower of cost and net realizable value, and the dollar amount of the inventory at cost. Unit Cost $3.00 2.00 2.00 8.00 Unit Cost $3.00 $3.30 7.00 8.00 9.00 7.00 6.80 NRV 1.90 NRV $3.30 1.90 9.00 6.80 S Unit LC & NRV Dollar LC & NRV Dollar Cost
Wildhorse Ltd had the following items in inventory as at December 31, 2024 Item No. A1 84 C2 D3 (a) Quantity 320 350 Quantity 320 350 Assume that Wildhorse uses a perpetual inventory system 360 360 380 380 Fill in the table below for the lower of cost and net realizable value per unit, the inventory dollar amount at the lower of cost and net realizable value, and the dollar amount of the inventory at cost. Unit Cost $3.00 2.00 2.00 8.00 Unit Cost $3.00 $3.30 7.00 8.00 9.00 7.00 6.80 NRV 1.90 NRV $3.30 1.90 9.00 6.80 S Unit LC & NRV Dollar LC & NRV Dollar Cost
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Wildhorse Ltd. had the following items in inventory as at December 31, 2024
Item
No. Quantity Unit Cost
320
$3.00
A1
04
C2
D3
(a)
Quantity
320
350
350
360
360
380
Assume that Wildhorse uses a perpetual inventory system
380
Fill in the table below for the lower of cost and net realizable value per unit, the inventory dollar amount at the lower of cost a
net realizable value, and the dollar amount of the inventory at cost.
Unit
Cost
2.00
8.00
7.00 6.80
2.00
NRV
$3.00 $3.30 $
NRV
1.90
$3.30
8.00 9.00
7.00 6,80
1.90
9.00
Unit LC
& NRV
Dollar LC
& NRV
Dollar Cost
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