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Determine the inventory as of December

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

Part

Qty

Cost per unit

Net Realizable Value

110

620

$121

$127

111

1,080

76

66

112

540

102

97

113

220

216

229

120

440

260

264

121

1,400

20

1

122

330

305

298

Part No. 121 is obsolete and has a realizable value of $1 each as scrap.

Required -

(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 LCNRV method, applying the method to the total of the inventory.

Reference no: EM132445617

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