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  3. the records of loren movers ltd. contained the fol

The records of Loren Movers Ltd. contained the following inventory data: 20x1 Cost NRV 20X2...

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Accounting

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The records of Loren Movers Ltd. contained the following inventory data: 20x1 Cost NRV 20X2 NRV Cost Category 1 Item A Item B Item C $ 11,200 $ 8,440 44,000 37,100 34,000 44,200 $ 89,200 $89,740 $ 7,800 $ 4,480 17,200 16,020 46,800 57,050 71,800 $77,550 Category 2 Item D Item E Item F $ 22,900 $19,820 27,800 6,700 54,800 54,800 $105,500 $81,320 $14,300 $12,640 13,400 8,300 64,400 62,360 $92,100 $83,300 Required: 1. Calculate two different amounts that could justifiably be recorded as the allowance to reduce inventory to lower-of-cost-or-NRV at the end of 20X1. a. Individual items b. Category

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