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Compute the value at which inventory should be reported

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Problem - Lower of cost or NRV. By the end of the year the company had 100 units of X-Pro in it's warehouse.

Units are so far reported at total cost of $10,000.

Recently fire broke out and damaged the outer casing of units. Engineers have confirmed that product can still get its full selling price if the outer cover is replaced.

Currently X-Pro is selling for $110 per unit and cost of repair is estimated to be $5 per unit.

Additionally the entity will have to pay $2,000 in total towards the carriage cost to move repaired goods from workshop to warehouse.

Required -

Compute the value at which inventory should be reported in financial statements if LCNRV rule is followed?

What is the journal entry?

Reference no: EM132453976

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