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Calculate the value of the inventory using LC-NRV

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Question - Danio Company uses the lower of cost or NRV method in valuing its inventory items. The inventory at December 31, 2019, consists of 300 units of pellets and 100 units of flakes.

 

Pellets

Flakes

Cost

$45

$70

Estimated selling price

$100

$90

Estimated selling cost

$10

$15

Required -

(a) Calculate the value of the inventory using LC-NRV on an individual basis.

(b) Provide the journal entries for the write-down.

(c) Calculate the value of the inventory using LC-NRV on an aggregate inventory basis.

Reference no: EM132527471

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