1. Record the allowance to reduce inventory to LC/NRV by individual items 2. Rec

Question

1. Record the allowance to reduce inventory to LC/NRV by individual items 2. Record the allowance to reduce inventory to LC/NRV by class of inventory The information shown below relating to the ending inventory was taken at lower of cost or NRV from the records of Electronics Corp. Per U Quantity Cost N Keyboards Stock A Stock B Stock C Hard drives Stock X Stock Y CD burners Stock D Stock E 12 $ 94 S 80 18 100 110 30 180 17 76 70 60 160 180 76 66 200 100 116 Required 1-a. Determine the valuation of the above inventory at cost by individual items. Hard drives Stock X CD Burners

Explanation / Answer

1 a

1 b

2

Qty Cost Total Cost Keyboards Stock A 12         94.00      1,128.00 Stcok B 20         76.00      1,520.00 Stock C 18       100.00      1,800.00 Hard Drives Stock X 30       180.00      5,400.00 Stock Y 60       160.00      9,600.00 CD Burners Stock D 60         76.00      4,560.00 Stck E 200       100.00    20,000.00 Total    44,008.00

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