n3 saved out of Outdoors Ltd has closing inventory valued at £55,000. Included in this value are 27 food packs costing £62 each which are out of date and now cannot be sold. Also included are 18 tents at a cost of £260 each with a selling price of £476. These are now old stock and will be sold at a 50% discount on the original price. At what value should EACH tent be included in closing inventory? Choose... What is the total value of closing inventory for Outdoors Ltd? Choose.... # (Select your answer in each dropdown menu)

n3 saved out of Outdoors Ltd has closing inventory valued at £55,000. Included in this value are 27 food packs costing £62 each which are out of date and now cannot be sold. Also included are 18 tents at a cost of £260 each with a selling price of £476. These are now old stock and will be sold at a 50% discount on the original price. At what value should EACH tent be included in closing inventory? Choose... What is the total value of closing inventory for Outdoors Ltd? Choose.... # (Select your answer in each dropdown menu)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Lower of Cost or Net Realizable Value (LCNRV) Rule Determine the proper total inventory value for each of the following items in Erik Company’s ending inventory:a. Erik has 500 rolls of camera film that have become obsolete with the advent of digital cameras.The films cost $3.30 each and are normally sold for $6.60. To clear out these old films,Erik will drop their selling price to $1.98. There are no related selling costs.b. Erik has four cameras in stock that have been used as demonstration models. The cameras cost$760 and normally sell for $960. Because these cameras are in used condition, Erik has setthe selling price at $720 each. Expected selling costs are $20 per camera. New models of thecamera, already on order, will cost Erik $800 and will sell for $1,040. Final inventory value a. b. PreviousSave AnswersNext
Lower of Cost or Net Realizable Value (LCNRV) Rule Determine the proper total inventory value for each of the following items in Erik Company's ending inventory: a. Erik has 300 rolls of camera film that have become obsolete with the advent of digital cameras. The films cost $3.30 each and are normally sold for $6.60. To clear out these old films, Erik will drop their selling price to $1.98. There are no related selling costs. b. Erik has four cameras in stock that have been used as demonstration models. The cameras cost $760 and normally sell for $960. Because these cameras are in used condition, Erik has set the selling price at $720 each. Expected selling costs are $20 per camera. New models of the camera, already on order, will cost Erik $800 and will sell for $1,040. Final inventory value a. S b. $
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