The inventory of Kingbird Company on December 31, 2020, consists of the following items. ...
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Accounting
The inventory of Kingbird Company on December 31, 2020, consists of the following items.
Part
Quantity
Cost per Unit
Net Realizable Value
110
540
$134.00
$141.00
111
970
84.60
73.00
112
510
112.80
107.00
113
200
239.70
253.80
120
440
289.00
293.00
121
a
1,700
23.00
1.00
122
320
338.40
331.00
a Part No. 121 is obsolete and has a realizable value of $1.00 each as scrap. (a) Determine the inventory as of December 31, 2020, by the LCNRV method, applying this method to each item.
Inventory as of December 31, 2020
$enter the Inventory as of December 31 in dollars
(b) Determine the inventory by the LCNRV method, applying the method to the total of the inventory.
Inventory as of December 31, 2020
$enter the Inventory as of December 31 in dollars
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