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. The inventory of Splish Company on December 31, 2025, consists...
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The inventory of Splish Company on December 31,2025, consists of the following items. Part Quantity Cost per Unit Net Realizable Value 1 10 650 $ 140.00 $147.00
11 1 990 88.20 76.00
112 530 117.60 112.00
113 180 249.90 264.60
120 390 301.00 306.00
121 a 1,500 24.00 1.00
122 270 352.80 345.00 aPart No. 121 is obsolete and has a realizable value of $1.00 each as scrap. (a) Determine the inventory as of December 31, 2025, by the LCN RV method, applying this method to each item. Inventory as of December 31, 2025 $
5
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(b) Determine the inventory by the LCNRV method, applying the method to the total of the inventory.
Inventory as of December 31, 2025
$
Answer & Explanation
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