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Calculate its inventory amount to be reported

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Question - Copperhead Company has provided you with the following information regarding its inventory of copper for October and November. Copperhead uses a perpetual inventory system and apply lower of cost and net realizable value (NRV) valuation standard (LCNRV).

 

Nov. 30

Oct. 31

Copper inventory (in tonnes)

2,000

2,000

Cost per tonne

$530

$530

NRV per tonne

$525

$520

During November, Copperhead Company has not purchased or sold any inventory. Calculate its inventory amount to be reported on the balance sheet (LCNRV) at (1) October 31 and (2) November 30.

Reference no: EM133065744

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