Creative Technology reports inventory using the lower of cost and net realizable value (NRV). Below is information related to its year- end Inventory. Inventory Optima cameras Inspire speakers Quantity 100 40 Inventory Optima camera Inspire speakers Unit Cost $50 60 Calculate the total amount to be reported for ending inventory. Lower of Cost and NRV per unit Quantity NRV $80 50 Ending Inventory
Creative Technology reports inventory using the lower of cost and net realizable value (NRV). Below is information related to its year- end Inventory. Inventory Optima cameras Inspire speakers Quantity 100 40 Inventory Optima camera Inspire speakers Unit Cost $50 60 Calculate the total amount to be reported for ending inventory. Lower of Cost and NRV per unit Quantity NRV $80 50 Ending Inventory
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 8P: Comprehensive The following information for 2019 is available for Marino Company: 1. The beginning...
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