FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Presented below is information related to Tamarisk Inc.'s inventory.
(per unit)
Skis
Boots
Parkas
Historical cost
$342.00
$190.80
$95.40
Selling price
381.60
261.00
132.75
Cost to sell
34.20
14.40
4.50
Cost to complete
57.60
52.20
38.25
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, e.g. 52.75.)
Item
Cost
NRV
LCNRV
Skis
Boots
Parkas
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Transcribed Image Text:Presented below is information related to Tamarisk Inc.'s inventory. (per unit) Skis Boots Parkas Historical cost $342.00 $190.80 $95.40 Selling price 381.60 261.00 132.75 Cost to sell 34.20 14.40 4.50 Cost to complete 57.60 52.20 38.25 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, e.g. 52.75.) Item Cost NRV LCNRV Skis Boots Parkas Click if you would like to Show Work for this question: Open Show Work
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