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Category > Management Posted 01 Apr 2018 My Price 7.00

home improvement store

Report inventory using lower of cost and net realizable value (LO6–6)

P6–4B A home improvement store, like Lowe's, carries the following items:

Required:

1. Compute the total cost of inventory.

2. Determine whether each inventory item would be reported at cost or net realizable value. Multiply the

quantity of each inventory item by the appropriate cost or NRV amount and place the total in the

“Lower of Cost and NRV” column. Then determine the total of that column.

3. Compare your answers in Requirement 1 and Requirement 2 and then record any necessary adjustment

to write down inventory from cost to net realizable value.

4. Discuss the financial statement effects of using lower of cost and net realizable value to report

inventory.

Answers

Maurice Tutor
(5)
Status NEW Posted 01 Apr 2018 08:04 PM My Price 7.00

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