60.1K
Verified Solution
Link Copied!
The following information pertains to the physical inventory of Electronics Unlimited taken at December 31:
| | | Per Unit |
| Product | Units on Hand | | Cost | | NRV |
| Audio equipment: | | | | | |
| Wireless audio receivers | 329 | | $195 | | $184 |
| Touchscreen MP3 players | 244 | | 199 | | 219 |
| Audio mixers | 310 | | 189 | | 173 |
| Audio stands | 188 | | 81 | | 99 |
| Video equipment: | | | | | |
| Televisions | 464 | | 249 | | 294 |
| 1GB video cards | 275 | | 167 | | 179 |
| Satellite video recorders | 196 | | 609 | | 614 |
| Car audio equipment: | | | | | |
| GPS navigators | 169 | | 167 | | 141 |
| Double-DIN Car Deck with iPod/iPhone Control & Aux Input | 154 | | 209 | | 194 |
| |
Required: 1. Calculate the LCNRV: a. For the inventory by major group b. For the inventory, applied separately to each product.
2. Prepare the appropriate entry, if any, for 1(a) and 1(b).
Answer & Explanation
Solved by verified expert
