Pharoah Company uses a perpetual inventory system and the FIFO cost formula for valuing inventory. The company is now in

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Pharoah Company Uses A Perpetual Inventory System And The Fifo Cost Formula For Valuing Inventory The Company Is Now In 1 (27.39 KiB) Viewed 9 times

Pharoah Company 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 Pharoah Company's year end, December 31: Clothing Jewellery Greeting cards Stuffed toys (a) Units 98 77 44 52 Unit Cost $7 20 1 11 Lower of cost and net realizable value Net Realizable Value per Unit $6 22 2 39 Determine the lower of cost and net realizable value of the ending inventory assuming Pharoah Company applies LCNRV on individual items.