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Determining Lower of Cost or Net Realizable Value (NRV) Crane Company had the following inventory at December 31. Unit Price Quantity Cost NRV Desks Model 9001 Model 9002 Model 9003 Cabinets Model 7001 Model 7002 Model 7003 105 $190 $210 70 280 268 30 350 360 180 60 64 120 95 88 75 130 126 a. Determine the ending inventory amount by applying the net realizable value rule to: 1. Each item of inventory. $ 3. Total inventory. $ 2. Each major category of inventory. $

Determining Lower of Cost or Net Realizable Value (NRV) Crane Company had the following inventory at December 31. Unit Price Quantity Cost NRV Desks Model 9001 Model 9002 Model 9003 Cabinets Model 7001 Model 7002 Model 7003 105 $190 $210 70 280 268 30 350 360 180 60 64 120 95 88 75 130 126 a. Determine the ending inventory amount by applying the net realizable value rule to: 1. Each item of inventory. $ 3. Total inventory. $ 2. Each major category of inventory. $

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 11E: Alternative Inventory Methods Nevens Company uses a periodic inventory system. During November, the...
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Determining Lower of Cost or Net Realizable Value (NRV) Crane Company had the following inventory at December 31. Unit Price Quantity Cost NRV Desks Model 9001 Model 9002 Model 9003 Cabinets Model 7001 Model 7002 Model 7003 105 $190 $210 70 280 268 30 350 360 180 60 64 120 95 88 75 130 126 a. Determine the ending inventory amount by applying the net realizable value rule to: 1. Each item of inventory. $ 3. Total inventory. 2. Each major category of inventory. $
Transcribed Image Text:Determining Lower of Cost or Net Realizable Value (NRV) Crane Company had the following inventory at December 31. Unit Price Quantity Cost NRV Desks Model 9001 Model 9002 Model 9003 Cabinets Model 7001 Model 7002 Model 7003 105 $190 $210 70 280 268 30 350 360 180 60 64 120 95 88 75 130 126 a. Determine the ending inventory amount by applying the net realizable value rule to: 1. Each item of inventory. $ 3. Total inventory. 2. Each major category of inventory. $
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