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Brief Exercise 198 The Entertainment Center accumulates the following cost and net realizable value (NRV) data at December 31.

Inventory Categories Cost Data Market Data
Camera $11,200 $10,000
Camcorders 7,700 8,800
DVDs 13,900 12,700

Compute the lower-of-cost-or-net realizable value for company's inventory.

Respuesta :

Answer:

$30,400

Explanation:

The computation of the lower-of-cost-or-net realizable value is shown below:-

Inventory    Cost            Net realizable value     Lower cost

Camera       $11,200        $10,000                        $10,000

Camcorders $7,700        $8,800                          $7,700  

DVDs            $13,900       $12,700                         $12,700

The Lower cost                                                      $30,400

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