Determine the inventory by the LCNRV method, applying the method to the total of the inventory.Inventory as of December 31, 2022 The inventory of Tamarisk Company on December 31, 2022, consists of the following items.Part No. Quantity110111112113120121 A122660(a)1.1005502204401,760330Cost per Unit Net Realizable Value per Unit$106$1106394181224Your answer is correct.282675791Inventory as of December 31, 2022204181Part No. 121 is obsolete and has a realizable value of $1 each as scrap.1263Determine the inventory as of December 31, 2022, by the LCNRV method, applying this method to each item.390,720

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Description: Determine the inventory by the LCNRV method, applying the method to the total of the inventory.Inventory as of December 31, 2022 The inventory of Tamarisk Company on December 31, 2022, consists of the following items.Part No. Quantity110111112113120

LCNRV is the short form of lower of cost or net realizable value (NRV). This followed under the…

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The inventory of Tamarisk Company on December 31, 2022, consists of the following items. Part No. 110 111 112 113 120 121 a 122 Quantity (a) 660 1,100 550 220 440 1,760 330 Cost per Unit $106 63 94 181 224 Your answer is correct. 28 267 Net Realizable Value per Unit $110 Inventory as of December 31, 2022 57 91 204 181 Part No. 121 is obsolete and has a realizable value of $1 each as scrap. 1 263 Determine the inventory as of December 31, 2022, by the LCNRV method, applying this method to each item. 390.720

The inventory of Tamarisk Company on December 31, 2022, consists of the following items. Part No. 110 111 112 113 120 121 a 122 Quantity (a) 660 1,100 550 220 440 1,760 330 Cost per Unit $106 63 94 181 224 Your answer is correct. 28 267 Net Realizable Value per Unit $110 Inventory as of December 31, 2022 57 91 204 181 Part No. 121 is obsolete and has a realizable value of $1 each as scrap. 1 263 Determine the inventory as of December 31, 2022, by the LCNRV method, applying this method to each item. 390.720

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 2MC: The following items were included in Venicio Corporations inventory account on December 31, 2019:...

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