Brief Exercise 6-16 (Algo) Calculate ending inventory using the lower of cost and net realizable value (LO6-6) Creative Technology reports inventory using the lower of cost and net realizable value (NRV). Below is information related to its year- end inventory. Inventory Quantity 100 40 Unit NRV Unit Cost $77 $47 47 57 Optima cameras Inspire speakers Calculate the total amount to be reported for ending inventory in the balance sheet.
Brief Exercise 6-16 (Algo) Calculate ending inventory using the lower of cost and net realizable value (LO6-6) Creative Technology reports inventory using the lower of cost and net realizable value (NRV). Below is information related to its year- end inventory. Inventory Quantity 100 40 Unit NRV Unit Cost $77 $47 47 57 Optima cameras Inspire speakers Calculate the total amount to be reported for ending inventory in the balance sheet.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Brief Exercise 6-16 (Algo) Calculate ending inventory using the lower of cost and net realizable value
(LO6-6)
Creative Technology reports inventory using the lower of cost and net realizable value (NRV). Below is information related to its year-
end inventory.
Unit
Cost
Optima cameras
$77
Inspire speakers
47
Calculate the total amount to be reported for ending inventory in the balance sheet.
Inventory
Inventory
Optima camera
Inspire speakers
Quantity
100
40
Quantity
100
40
Unit
NRV
Lower of Cost and
NRV per unit
$47
57
Ending
Inventory
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