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Valley Inc. has compiled the following information concerning items in its inventory at December 31:...

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Question

Accounting

Valley Inc. has compiled the following information concerning items in its inventory at December 31:

Item Quantity. Cost per Unit Net Realizable Value (NRV)per unit

A 120. $45 $50

B 70 160 120

C 60 100 110

Required:

  1. The carrying amount of the total inventory of Valley Inc. using the lower of cost or net realizable value (LCNRV) rule applied on an item by item basis is: (4 marks)

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