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Fine Leather Ltd. had the following inventory at December 31 of the current year. ...

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Accounting

Fine Leather Ltd. had the following inventory at December 31 of the current year.
Per Unit
Item Quantity Cost Net Realizable Value
Leather blazers
Model 15420 $ 100 $ 120
Model 16015180168
Model 16510250260
Handbags
Model 11603032
Model 12404542
Model 13256563
Required:
1. Determine the value of ending inventory that should be reported on the statement of financial position by applying the LC&NRV rule to
Each item of inventory
Each major category of inventory
Total inventory

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