3 Presented below is information related to Sheffield Inc's Inventory.(per unit)Historical costSelling priceCost to sellCost to completeItemSkisBootsSkisParkas$351.50392.2035.1559.20Boots$196.10Determine the following the net realizable value for each item, and the carrying value of each item under LCNRV. (Round answers to 2decimal places, eg. 52.75.)Cost268.2514.8053.65Parkas$98.05136.444.6339.31NRVLCNRV

The question is based on the concept of Inventories.Finished goods and Work in process are valued at…

esented below is information elated to shemelo incis invent (per unit) Historical cost Selling price Cost to sell Cost to complete Skis $351.50 392.20 35.15 59.20 Boots Parkas $196.10 $98.05 268.25 136.44. 14.80 4.63 53.65 39.31 Determine the following the net realizable value for each item, and the carrying value of each item under LCNRV. (Round answers to 2 decimal places, eg. 52.75)

esented below is information elated to shemelo incis invent (per unit) Historical cost Selling price Cost to sell Cost to complete Skis $351.50 392.20 35.15 59.20 Boots Parkas $196.10 $98.05 268.25 136.44. 14.80 4.63 53.65 39.31 Determine the following the net realizable value for each item, and the carrying value of each item under LCNRV. (Round answers to 2 decimal places, eg. 52.75)

Corporate Financial Accounting

15th Edition

ISBN:9781337398169

Author:Carl Warren, Jeff Jones

Publisher:Carl Warren, Jeff Jones

Chapter6: Inventories

Section: Chapter Questions

Problem 7DQ: Using the following data, how should the inventory be valued under lower of cost or market? Original...

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