The following information pertains to the physical inventory of Electronics Unlimited taken at December 31:...
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Accounting
The following information pertains to the physical inventory of Electronics Unlimited taken at December 31:
| Per Unit | |||||
| Product | Units on Hand | Cost | NRV | ||
| Audio equipment: | |||||
| Wireless audio receivers | 329 | $195 | $184 | ||
| Touchscreen MP3 players | 244 | 199 | 219 | ||
| Audio mixers | 310 | 189 | 173 | ||
| Audio stands | 188 | 81 | 99 | ||
| Video equipment: | |||||
| Televisions | 464 | 249 | 294 | ||
| 1GB video cards | 275 | 167 | 179 | ||
| Satellite video recorders | 196 | 609 | 614 | ||
| Car audio equipment: | |||||
| GPS navigators | 169 | 167 | 141 | ||
| Double-DIN Car Deck with iPod/iPhone Control & Aux Input | 154 | 209 | 194 | ||
|
| |||||
Required: 1. Calculate the LCNRV: a. For the inventory by major group b. For the inventory, applied separately to each product.
2. Prepare the appropriate entry, if any, for 1(a) and 1(b).
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