Presented below is information related to Marigold Inc.'s inventory. (per unit) Historical cost Selling price Cost to sell Cost to complete Skis $228.00 254.40 22.80 38.40 Boots $127.20 174.00 9.60 34.80 Parkas $63.60 88.50 3.00 25.50 Determine the following: the net realizable value for each item, and the carrying value of each item under LCNRV. (Round answers decimal places, e.g. 52.75.) LBU LOUBU

Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter10: Inventory
Section: Chapter Questions
Problem 11PB: Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for B76 Company,...
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Presented below is information related to Marigold Inc.'s inventory.
(per unit)
Historical cost
Selling price
Cost to sell
Cost to complete
Item
Skis
Boots
Parkas
Skis
$228.00
$
254.40
22.80
38.40
Boots
Cost
$127.20 $63.60
174.00
9.60
Determine the following: the net realizable value for each item, and the carrying value of each item under LCNRV. (Round answers to 2
decimal places, e.g. 52.75.)
34.80
Parkas
$
88.50
3.00
25.50
NRV
$
LCNRV
Transcribed Image Text:Presented below is information related to Marigold Inc.'s inventory. (per unit) Historical cost Selling price Cost to sell Cost to complete Item Skis Boots Parkas Skis $228.00 $ 254.40 22.80 38.40 Boots Cost $127.20 $63.60 174.00 9.60 Determine the following: the net realizable value for each item, and the carrying value of each item under LCNRV. (Round answers to 2 decimal places, e.g. 52.75.) 34.80 Parkas $ 88.50 3.00 25.50 NRV $ LCNRV
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