The year‐end inventory of Goodall Inc. consisted of the following similar groups of items, priced at cost and at net realizable value: Item A B C D Cost $60 40 80 50 NRV $63 40 78 42 Required: Calculate ending inventory based on: 1. Cost 2. LCNRV (unit basis) 3. LCNRV (group basis)

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03-09-2022
Business

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The year‐end inventory of Goodall Inc. consisted of the following similar groups of items, priced at cost and at net realizable value: Item A B C D Cost $60 40 80 50 NRV $63 40 78 42 Required: Calculate ending inventory based on: 1. Cost 2. LCNRV (unit basis) 3. LCNRV (group basis)

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