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The inventory of Oriole Company on December 31, 2017, consists of the following items. Part...

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Accounting

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The inventory of Oriole Company on December 31, 2017, consists of the following items. Part Quantity Cost per Unlt 110 Net Realizable Value 112 113 120 121a 122 550 1,060 530 180 400 1,700 320 $104 65 87 185 223 17 262 $109 57 83 196 227 256 Part No. 121 is obsolete and has a realizable value of $1 each as scrap. (a) Determine the inventory as of December 31, 2017, by the LCNRV method, applying this method to each item. Inventory as of December 31, 2017 (b) Determine the inventory by the LCNRV method, applying the method to the total of the inventory. Inventory as of December 31, 2017

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