Part Two The following table displays the cost and net realizable value of...
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Part Two The following table displays the cost and net realizable value of the various items in Taylor Tools inventory. Use the ending balance of inventory on hand on your perpetual inventory record for item #Handyman Hammers to determine the historical cost for the type of inventory. Use the information above to determine the cost and NRV for the company's sanders. After, complete the following table to determine what is lower, the cost or NRV of inventory. As always, you can elect to determine NRV based on inventory as a whole, the sum of major categories, or the sum of individual items. Items Cost NRV inventory as a whole Major Categories Individual Items Hand Tools: Hammers $ Screwdrivers Ratchets Total Hand Tools Power Tools: Saws $ $ Sanders Total Power Tools Total Inventory Part Three Taylor Tools wants to maximize the value of its reported assets yet still adhere to the LCNRV rule, what inventory value should the company report on its endofquarter balance sheet?
Part Two
The following table displays the cost and net realizable value of the various items in Taylor Tools inventory. Use the ending balance of inventory on hand on your perpetual inventory record for item #Handyman Hammers to determine the historical cost for the type of inventory. Use the information above to determine the cost and NRV for the company's sanders. After, complete the following table to determine what is lower, the cost or NRV of inventory. As always, you can elect to determine NRV based on inventory as a whole, the sum of major categories, or the sum of individual items.
Items Cost NRV inventory as a whole Major Categories Individual Items
Hand Tools:
Hammers $
Screwdrivers
Ratchets
Total Hand Tools
Power Tools:
Saws $ $
Sanders
Total Power Tools
Total Inventory
Part Three
Taylor Tools wants to maximize the value of its reported assets yet still adhere to the LCNRV rule, what inventory value should the company report on its endofquarter balance sheet?
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