The following information is given for Gator Company, who uses the FIFO method. Item Quantity Cost Net Realizable Value Replacement Cost NRV Minus Normal Profit 1 1 $17.70 $24.60 $18.00 $17.10 2 1 10.80 8.28 9.30 5.58 3 1 72.00 64.80 67.20 57.60 4 1 4.80 3.12 2.88 2.64 5 1 12.00 12.30 12.60 11.10 6 1 48.00 45.60 38.40 40.80 Required: a. Determine the lower of cost or net realizable value for each inventory item for Gator Company. Item 1 2 3 4 5 6 b. Determine the lower of cost or net realizable value for Gator Company's inventory if the lower of cost or net realizable value rule is applied to the total inventory. $_______

The following information is given for Gator Company, who uses the FIFO method. Item Quantity Cost Net Realizable Value Replacement Cost NRV Minus Normal Profit 1 1 $17.70 $24.60 $18.00 $17.10 2 1 10.80 8.28 9.30 5.58 3 1 72.00 64.80 67.20 57.60 4 1 4.80 3.12 2.88 2.64 5 1 12.00 12.30 12.60 11.10 6 1 48.00 45.60 38.40 40.80 Required: a. Determine the lower of cost or net realizable value for each inventory item for Gator Company. Item 1 2 3 4 5 6 b. Determine the lower of cost or net realizable value for Gator Company's inventory if the lower of cost or net realizable value rule is applied to the total inventory. $_______

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter11: Cost-volume-profit Analysis

Section: Chapter Questions

Problem 11.18E

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Item	Quantity	Cost	Net Realizable Value	Replacement Cost	NRV Minus Normal Profit
1	1	$17.70	$24.60	$18.00	$17.10
2	1	10.80	8.28	9.30	5.58
3	1	72.00	64.80	67.20	57.60
4	1	4.80	3.12	2.88	2.64
5	1	12.00	12.30	12.60	11.10
6	1	48.00	45.60	38.40	40.80