The inventory of Oheto Company on December 31, 2020, consists of the following items. Part Quantity Cost per Unit Net Realizable Value 110 6000 $ 95000 $10000000 111 1,0000 60000 5200000 112 5000 80000 7600000 113 2000 170000 18000000 120 4000 205000 20800000 121a 1,6000 16000 100000 122 3000 240000 23500000 aPart No. 121 is obsolete and has a realizable value of $1 each as scrap. Instructions a. Determine the inventory as of December 31, 2020, by the LCNRV method, applying this method to each item. b. Determine the inventory by the LCNRV method, applying the method to the total of the inventory.

The inventory of Oheto Company on December 31, 2020, consists of the following items. Part Quantity Cost per Unit Net Realizable Value 110 6000 $ 95000 $10000000 111 1,0000 60000 5200000 112 5000 80000 7600000 113 2000 170000 18000000 120 4000 205000 20800000 121a 1,6000 16000 100000 122 3000 240000 23500000 aPart No. 121 is obsolete and has a realizable value of $1 each as scrap. Instructions a. Determine the inventory as of December 31, 2020, by the LCNRV method, applying this method to each item. b. Determine the inventory by the LCNRV method, applying the method to the total of the inventory.

Name: The inventory of Oheto Company on December 31, 2020, consists of the f
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Description: The inventory of Oheto Company on December 31, 2020, consists of the following items.PartQuantityCost per UnitNet Realizable Value1106000$ 95000$100000001111,00006000052000001125000800007600000113200017000018000000120400020500020800000121a1,600016000

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

Chapter8: Inventories: Special Valuation Issues

Section: Chapter Questions

Problem 3P: Inventory Write-Down The inventory records of Frost Company for the years 2019 and 2020 reveal the...

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Instructions

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

b. Determine the inventory by the LCNRV method, applying the method to the total of the inventory.

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The dollar-value LIFO method was adopted by Crane Corp. on January 1, 2020. Its inventory on that date was $155,200. On December 31, 2020, the inventory at prices existing on that date amounted to $134,400. The price level at January 1, 2020, was 100, and the price level at December 31, 2020, was 112. Compute the amount of the inventory at December 31, 2020, under the dollar-value LIFO method. Inventory 12/31/20 under dollar-value LIFO method Compute the inventory on that date under the dollar-value LIFO method.
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Part	Quantity	Cost per Unit	Net Realizable Value
110	6000	$ 95000	$10000000
111	1,0000	60000	5200000
112	5000	80000	7600000
113	2000	170000	18000000
120	4000	205000	20800000
121^a	1,6000	16000	100000
122	3000	240000	23500000
^aPart No. 121 is obsolete and has a realizable value of $1 each as scrap.