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Current Attempt in Progress Nash's Trading Post, LLC developed the following information about its inventories in applying the lower-of-cost-or-net-realizable-value(LCNRV) basis in valuing inventories:
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Current Attempt in Progress Nash's Trading Post, LLC developed the following information about its inventories in applying the lower-of-cost-or-net-realizable-value(LCNRV) basis in valuing inventories: Product Cost MarketA $84000 $89000 B 59000 56000 C 118000 120000 After Nash's Trading Post, LLC applies the LCNRV rule, the value of the inventory reported on the balance sheet would be:___________. a. $261000. b. $265000. c. $258000. d. $268000.

User Pmko
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20 votes

Answer:

c. $258000

Step-by-step explanation:

The computation of the ending inventory using LCRNV rule is given below:

Product Cost Market LCRNV

A $84000 $89000 $84000

B $59000 $56000 $56000

C $118000 $120000 $118000

Total value $258,000

User EkoostikMartin
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