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During 2020, Bramble Furniture Limited purchased a railway carload of wicker chairs. The manufacturer of the chairs sold them to Bramble for a lump sum of $58,000, because it was discontinuing manufacturing operations and wanted to dispose of its entire stock. Three types of chairs are included in the carload.
The three types and the estimated selling price for each are as follows:
Type No. of Chairs Estimated Selling Price per ChairbLounge chairs 460 $93Straight chairs 640 53Armchairs 360 83
Problem 1: What is the total cost of the chairs remaining in inventory at the end of 2020, using the relative sales value method?
Problem 2: What is the net realizable value of the chairs remaining in inventory?
Problem 3: What is the appropriate inventory value to be reported on the December 31, 2020 statement of financial position, assuming the lower of cost and NRV is applied on an individual item basis?
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