The inventory of Swifty Company on December 31, 2020, consists of the following items. ...
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Accounting
The inventory of Swifty Company on December 31, 2020, consists of the following items.
Part No.
Quantity
Cost per Unit
NRV
110
620
$70
$110
111
860
70
42
112
500
80
76
113
220
170
190
120
600
195
218
121
1,440
15
0.20
122
260
240
245
*Part No. 121 is obsolete and has a realizable value of $0.20 each as scrap. (a) Determine the inventory as at December 31, 2020, by the lower of cost and net realizable value method, applying this method directly to each item.
Inventory as at December 31, 2020
$enter the Inventory as at December 31, 2020 in dollars
(b) Determine the inventory as at December 31, 2020, by the lower of cost and net realizable value method, applying the method to the total of the inventory.
Inventory as at December 31, 2020
$enter the Inventory as at December 31, 2020 in dollars
I keep getting the answer wrong.
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