Your answer is incorrect. Try again The inventory of Marin Company on December 3

Question

Your answer is incorrect. Try again The inventory of Marin Company on December 31, 2017, consists of the following items Part Quantity 110 Cost per Unit Net Realizable Value 112 113 120 121a 122 550 1,060 530 180 400 1,700 320 $104 65 87 185 223 17 262 $109 57 83 196 227 256 a Part No. 121 is obsolete and has a realizable value of $1 each as scrap (a) Determine the inventory as of December 31, 2017, by the LCNRV method, applying this method to each item Inventory as of December 31, 2017 335100 (b) Determine the inventory by the LCNRV method, applying the method to the total of the inventory Inventory as of December 31, 2017 341300

Explanation / Answer

(a) Inventory as of December 31, 2017: $367730

(b) Inventory as of December 31, 2017: $374060

Part Quantity Cost per Unit $ Total Cost $ NRV per Unit $ Total NRV LCNRV $ 110 550 104 57200 109 59950 57200 111 1060 65 68900 57 60420 60420 112 530 87 46110 83 43990 43990 113 180 185 33300 196 35280 33300 120 400 223 89200 227 90800 89200 121 1700 17 28900 1 1700 1700 122 320 262 83840 256 81920 81920 407450 374060 367730

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