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Determine the inventory as of december

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Question - The inventory of Marigold Company on December 31, 2020, consists of the following items.

a Part No. 121 is obsolete and has a realizable value of $1.00 each as scrap.

(a) Determine the inventory as of December 31, 2020, 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: EM132591280

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