Brief Exercise 92 Tamarisk Corporation has the following fou

Brief Exercise 9-2 Tamarisk Corporation has the following four items in its ending inventory Net Realizable Cost Value (NRV) $3,024 7,128 6,660 5,515 Item Jokers Penguins 7,200 Riddlers6,336 Scarecrows 4,608 $2,880 Your answer is correct. Determine the following the LCNRV for each item. Item LCNRV Jokers Penguins 7128 Riddlers 63

Solution

Item Cost NRV Jokers 2,880 3,024 Penguins 7,200 7,128 Riddlers 6,336 6,660 Scarecows 4,608 5,515 Total 21,024 22,327 LCNRV: Item LCNRV Jokers 2,880 (Min of Cost or NRV) Penguins 7,128 (Min of Cost or NRV) Riddlers 6,336 (Min of Cost or NRV) Scarecows 4,608 (Min of Cost or NRV) 1 Item by Item Write Down: Item Write-Down Jokers 0 (Cost-LCNRV) Penguins 72 (Cost-LCNRV) Riddlers 0 (Cost-LCNRV) Scarecows 0 (Cost-LCNRV) 2 Total Level: Item Cost NRV Jokers 2,880 3,024 Penguins 7,200 7,128 Riddlers 6,336 6,660 Scarecows 4,608 5,515 Total 21,024 22,327 Total Category LCNRV: 21,024 (Min of Total Cost or Total NRV)