The following is information related to the inventory of Sarasota Inc.skisBootsParkashistorical cost$332.50$185.50$92.75Sale price371.00253.75129.06cost of sale33.2514.004.38cost...
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Accounting
The following is information related to the inventory of Sarasota Inc.
skis | Boots | Parkas | ||||
| historical cost | $332.50 | $185.50 | $92.75 | |||
| Sale price | 371.00 | 253.75 | 129.06 | |||
| cost of sale | 33.25 | 14.00 | 4.38 | |||
| cost to complete | 56.00 | 50.75 | 37.19 |
Determine the following:
The net realizable value of each item under LCNRV.
The book value of each item under LCNRV.
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