Problem: The inventory of Windsor Company on December 31, 2017, consists of the following items.
|
Part
|
Qty
|
Cost per unit
|
Net Realizable Value
|
|
110
|
620
|
$121
|
$127
|
|
111
|
1,080
|
76
|
66
|
|
112
|
540
|
102
|
97
|
|
113
|
220
|
216
|
229
|
|
120
|
440
|
260
|
264
|
|
121
|
1,400
|
20
|
1
|
|
122
|
330
|
305
|
298
|
Part No. 121 is obsolete and has a realizable value of $1 each as scrap.
Required:
Question 1: Determine the inventory as of December 31, 2017, by the LCNRV method, applying this method to each item.
Question 2: Determine the inventory by the LCNRV method, applying the method to the total of the inventory.
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