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Question

inventory item number of units cost per unit tot cost NRV per unit tot

nrv

flute 3 750 2250 790 2370

keyboard 4 70 280 85 340

drum 3 450 1350 525 1575

paino - entry 3 2300 6900 2500 7500

piano - interme 5 4500 22500 4900 24500

piano- advanced 2 12000 24000 14200 28400


How do I complete schedule and prepare year end adj entry to record inventory at lower of cost and NRV?

Top Answer

LCNRV Flute 3 x 750 = 2250 Keyboard 4 x 70 = 280 Drum 3 x 450 =1350 Piano 3 x 2300 = 6900... View the full answer

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