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The inventory of Wildhorse Company on December 31, 2020, consists of the following items. Part   Quantity   Cost per Unit   Net Realizable Value 110     660   $128.00   $135.00 111     1,040   81.00   70.00 112     540   108.00   103.00 113     210   229.50   243.00 120     410   277.00   281.00 121 a   1,700   22.00   1.00 122     280   324.00   317.00 a Part No. 121 is obsolete and has a realizable value of $1.00 each as scrap. (a) Determine the inventory as of December 31, 2020, by the LCNRV method, applying this method to each item. Inventory as of December 31, 2020   $enter the Inventory as of December 31 in dollars

The inventory of Wildhorse Company on December 31, 2020, consists of the following items. Part   Quantity   Cost per Unit   Net Realizable Value 110     660   $128.00   $135.00 111     1,040   81.00   70.00 112     540   108.00   103.00 113     210   229.50   243.00 120     410   277.00   281.00 121 a   1,700   22.00   1.00 122     280   324.00   317.00 a Part No. 121 is obsolete and has a realizable value of $1.00 each as scrap. (a) Determine the inventory as of December 31, 2020, by the LCNRV method, applying this method to each item. Inventory as of December 31, 2020   $enter the Inventory as of December 31 in dollars

FINANCIAL ACCOUNTING
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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The inventory of Wildhorse Company on December 31, 2020, consists of the following items.

Part
  
Quantity
  
Cost per Unit
  
Net Realizable Value
110
     660   $128.00   $135.00
111
     1,040   81.00   70.00
112
     540   108.00   103.00
113
     210   229.50   243.00
120
     410   277.00   281.00
121
a
   1,700   22.00   1.00
122
     280   324.00   317.00


a Part No. 121 is obsolete and has a realizable value of $1.00 each as scrap.

(a) Determine the inventory as of December 31, 2020, by the LCNRV method, applying this method to each item.

Inventory as of December 31, 2020  
$enter the Inventory as of December 31 in dollars 
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