AT&T; 10:09 PM 82%- Assignment> Open Assignment Graded 09-1 The inventory of Mar

Question

AT&T; 10:09 PM 82%- Assignment> Open Assignment Graded 09-1 The inventory of Marin Company on December 31, 2017, consists of the following items Part Quantity Cost per Unit 110 Net Realizable Value 910 940 70 112 113 211 Review Score 1,600 19 281 122 Part No. 121 is obsolete and has a realizable value of $1 each as scrap. (a) Determine the inventory as of December 31, 2017, by the LCNRV method, applying this method to each item Inventory as of December 31, 2017s (b) Detenmine the inventory by the LCNRV method, applying the method to the total of the inventory. Inventory as of December 31, 2017 Click if you would like to Show Work for this questioni Open Show Work 275 Question Attempts: 0 of 10 used SAVE rRLATERSUBMIT ANSWER

Explanation / Answer

Ans. Part no. Quantity Cost per unit NRV Total cost Total NRV Lower-of-cost-or-NRV 110 580 111 117 64380 67860 64380 111 910 70 61 63700 55510 55510 112 540 94 89 50760 48060 48060 113 190 199 211 37810 40090 37810 120 400 240 243 96000 97200 96000 121 1600 19 1 30400 1600 1600 121 270 281 275 75870 74250 74250 Total 418920 384570 377610 Ans.a Inventory as of December 31, 2017   (each item) 377610 Ans.b Inventory as of December 31, 2017   (Total inventory) 384570

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