Northridge Company has two products in its inventory. Information about the December 31, 2021, inventory...
80.2K
Verified Solution
Link Copied!
Question
Accounting
Northridge Company has two products in its inventory. Information about the December 31, 2021, inventory is as follows:
| Product | Total Cost | Total Replacement Cost | Total Net Realizable Value |
| 101 | $120,000 | $110,000 | $100,000 |
| 102 | 90,000 | 85,000 | 110,000 |
The normal profit is 20% of total cost.
Determine the carrying value of inventory at December 31, 2021, assuming the lower of cost or market (LCM) rule is applied to individual products.
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Best
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.