(Answered) Question - the inventory of sheridan company on december 31

Accounting

Question - The inventory of Sheridan Company on December 31, 2017, consists of the following items.

Part	Quantity	Cost per Unit	Net Realizable Value
110	560	$199	$125
111	1,060	75	65
112	550	100	95
113	220	213	225
120	440	256	260
121a	1,700	20	1
122	290	300	294

(a) Determine the inventory as of December 31, 2017, by the LCNRV method, applying this method to each item.

(b) Determine the inventory by the LCNR'V method, applying the method to the total of the inventory.

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