Calculating Lower-ot Cost-or-Net Realizable Value The following information is from Guccii Company's individual inventory items...
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Calculating Lower-ot Cost-or-Net Realizable Value The following information is from Guccii Company's individual inventory items as of December 31, 2020. Inventory Quantity Cost per Unit Net Realizable Value per Unit Classification:Premium Item 1 $180 $185 Item 2 150 100 98 Item 3 165 175 Item 4 Classification: Classic Item 5 80 200 158 Item 6 Item 7 Item 8 500 280 80 Required a. Calculate lower-of-cost-or-net realizable value of Guccii's December 31, 2020, inventory applying the rule to each individual item. $ b. Calculate lower-of-cost-or-net realizable value of Guccii's December 31, 2020, inventory applying the rule by inventory category. $ c. Calculate lower-of-cost-or-net realizable value of Guccii's December 31, 2020, inventory applying the rule to total inventory. $1
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