WileyPLUS Problem 6-4 (Part Level Submission) Parker Furniture Shop Inc. uses th

Question

WileyPLUS Problem 6-4 (Part Level Submission) Parker Furniture Shop Inc. uses the lower of cost and net realizable value basis for its inventory. The following data are available at December 31 Net Realizable Value Units Cost/Unit Tables Large Small 30 19 $279 131 $251 154 Chairs 48 49 Plastic Wooden 23 45 21 (a) What amount should be reported on Parker Furniture Shop's financial statements, after the lower of cost and net realizable value rule is applied to individual inventory items? LCNRV Tables: Large Small Chairs: Plastic Wooden Total

Explanation / Answer

Calculate amount should be reported under Lower of cost or net realizable value :

LCNRV Tables: Large (30*251) 7530 Small (19*131) 2489 Chairs: Plastic (48*23) 1104 Wooden (45*21) 945 Total 12068

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