The following is information related to the inventory of Sarasota Inc.skisBootsParkashistorical cost$332.50$185.50$92.75Sale price371.00253.75129.06cost of sale33.2514.004.38cost...
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Accounting
The following is information related to the inventory of Sarasota Inc.
skis
Boots
Parkas
historical cost
$332.50
$185.50
$92.75
Sale price
371.00
253.75
129.06
cost of sale
33.25
14.00
4.38
cost to complete
56.00
50.75
37.19
Determine the following:
The net realizable value of each item under LCNRV.
The book value of each item under LCNRV.
Answer & Explanation
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