Question - The inventory of Sheridan Company on December 31, 2017, consists of the following items.
|
Part
|
Quantity
|
Cost per Unit
|
Net Realizable Value
|
|
110
|
560
|
$199
|
$125
|
|
111
|
1,060
|
75
|
65
|
|
112
|
550
|
100
|
95
|
|
113
|
220
|
213
|
225
|
|
120
|
440
|
256
|
260
|
|
121a
|
1,700
|
20
|
1
|
|
122
|
290
|
300
|
294
|
(a) Determine the inventory as of December 31, 2017, by the LCNRV method, applying this method to each item.
(b) Determine the inventory by the LCNR'V method, applying the method to the total of the inventory.