The following information concerns several of the inventoryitems at DC’s:
| Description | Quantity | Unit Cost | Net Realizable Value |
| Department A: | | | | | | | | | |
| Model DC 225 | | 74 | | $ | 18.60 | | $ | 17.50 | |
| Model DC 364 | | 99 | | | 30.45 | | | 26.60 | |
| Model DC 513 | | 84 | | | 29.70 | | | 28.20 | |
| Department B: | | | | | | | | | |
| Model AR 137 | | 47 | | | 60.70 | | | 61.70 | |
| Model AR 226 | | 59 | | | 98.70 | | | 96.65 | |
| Model AR 196 | | 48 | | | 126.70 | | | 124.60 | |
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- Determine the amount of inventory to be reported on thefinancial statements using the lower of cost or net realizablevalue method of valuation under lower of cost or net realizablevalue for each item separately.
- Determine the amount of inventory to be reported on thefinancial statements using the lower of cost or net realizablevalue method of valuation under lower of total cost or total netrealizable value.
- Determine the amount of inventory to be reported on thefinancial statements using the lower of cost or net realizablevalue method of valuation under lower of total cost or total netrealizable value by department.
(Do not round your intermediate calculations. Round youranswers to 2 decimal places.)
