Current Attempt in Progress Carla Vista Co. uses a perpetual inventory system and the FIFO cost formula for valuing inve

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Current Attempt In Progress Carla Vista Co Uses A Perpetual Inventory System And The Fifo Cost Formula For Valuing Inve 1 (24.15 KiB) Viewed 10 times

Current Attempt in Progress Carla Vista Co. uses a perpetual inventory system and the FIFO cost formula for valuing inventory. The company is now in the process of comparing the cost of its inventory with its net realizable value. The following data are available at Carla Vista Co.'s year end, December 31: Clothing Jewellery Greeting cards Stuffed toys (a) Units 96 72 43 56 Unit Cost $8 20 1 12 Net Realizable Value per Unit $5 26 3 38 Determine the lower of cost and net realizable value of the ending inventory assuming Carla Vista Co. applies LCNRV on individual items.