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Determine the inventory as at december

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Question - The inventory of Monty Company on December 31, 2017, consists of the following items.

Part No.

Quantity

Cost per Unit

NRV

110

680

$80

$110

111

970

70

42

112

540

80

56

113

380

160

190

120

490

195

218

121*

1,540

16

0.2

122

290

250

245

*Part no. 121 is obsolete and has a realizable value of $0.2 each as scrap.

(a) Determine the inventory as at December 31, 2017, by the lower of cost and net realizable value method, applying this method directly to each item.

(b) Determine the inventory as at December 31, 2017, by the lower of cost and net realizable value method, applying the method to the total of the inventory.

Reference no: EM132234238

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