Your answer is incorrect. Try again. The inventory of Nash Company on December 31, 2020, consists of the following items. Part Quantity 600 920 Cost per Unit $98.00 61.80 Net Realizable Value $103.00 54.00 110 111 112 490 82.40 78.00 113 120 220 360 175.10 211.00 185.40 214.00 121. 122 1.500 320 16.00 247.20 1.00 242.00 * Part No. 121 is obsolete and has a realizable value of $1.00 each as scrap.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 340100 (b) Determine the inventory by the LCNRV method, applying the method to the total of the inventory. Inventory as of December 31, 2020 346,380

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Exercise 9-01
X Your answer is incorrect. Try again.
The inventory of Nash Company on December 31, 2020, consists of the following items.
Quantity
Cost per Unit
$98.00
61.80
Part
Net Realizable Value
110
600
$103.00
111
920
54.00
112
490
82.40
175.10
78.00
113
220
185.40
120
360
214.00
121a
122
1,500
320
211.00
16.00
247.20
1.00
242.00
a Part No. 121 is obsolete and has a realizable value of $1.00 each as scrap.
a
(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
340100
(b) Determine the inventory by the LCNRV method, applying the method to the total of the inventory.
Inventory as of December 31, 2020
346,380
Transcribed Image Text:Exercise 9-01 X Your answer is incorrect. Try again. The inventory of Nash Company on December 31, 2020, consists of the following items. Quantity Cost per Unit $98.00 61.80 Part Net Realizable Value 110 600 $103.00 111 920 54.00 112 490 82.40 175.10 78.00 113 220 185.40 120 360 214.00 121a 122 1,500 320 211.00 16.00 247.20 1.00 242.00 a Part No. 121 is obsolete and has a realizable value of $1.00 each as scrap. a (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 340100 (b) Determine the inventory by the LCNRV method, applying the method to the total of the inventory. Inventory as of December 31, 2020 346,380
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