E7-12 LO7-4 Reporting Inventory at Lower of Cost or Net Realizable Value H.T. Tan Company is preparing the annual financ

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E7 12 Lo7 4 Reporting Inventory At Lower Of Cost Or Net Realizable Value H T Tan Company Is Preparing The Annual Financ 1 (329.14 KiB) Viewed 10 times

E7-12 LO7-4 Reporting Inventory at Lower of Cost or Net Realizable Value H.T. Tan Company is preparing the annual financial statements dated December 31 of the current year. Ending inventory information about the five major items stocked for regular sale follows: Item A ABCDE с ENDING INVENTORY, CURRENT YEAR Quantity on Hand 50 80 10 70 350 Unit Cost When Acquired (FIFO) $15 30 48 25 10 Net Realizable Value (Market) at Year-End $12 4235 40 30 Required: Compute the valuation that should be used for the current year ending inventory using lower of cost or net realizable value applied on an item-by- item basis. (Hint: Set up columns for Item, Quantity, Total Cost, Total Net Realizable Value, and Lower of Cost or NRV.)