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Determine the inventory as of december

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Question - The inventory of Sheridan Company on December 31, 2017, consists of the following items.

Part

Quantity

Cost per Unit

Net Realizable Value

110

560

$199

$125

111

1,060

75

65

112

550

100

95

113

220

213

225

120

440

256

260

121a

1,700

20

1

122

290

300

294

(a) Determine the inventory as of December 31, 2017, by the LCNRV method, applying this method to each item.

(b) Determine the inventory by the LCNR'V method, applying the method to the total of the inventory.

Reference no: EM131691170

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