Tan Company is preparing the annual financial statements dated December 31 of the current year. Ending inventory Information about the five major items stocked for regular sale follows: Quantity on Hand ENDING INVENTORY, CURRENT YEAR Net Realizable Unit Cost When Value (Market) Acquired (FIFO) at Year-End $ 13 $ 16 41 31 Item 62 Required: Compute the valuation that should be used for the current year ending inventory using lower of cost or net realizable value applied on an item-by-item basis. Total Net Quantity Total Cost Realizable Value Lower of Cost or NRY Item 62 92 22 82 362 Total

Explanation:

Item  Quantity  Total Cost*  Total Net realizable value     Lower of cost

                                                                                                        or NRV

A   62         $806.00             $992.00                                 $  806.00

B   92          $ 3,772.00     $ 2,852.00                                $ 2,852.00

C   22          $  1,166.00     $    1,078.00                        $ 1,078.00

D  82          $2,542.00      $    2,132.00                         $ 2,132.00

E362          $2,172.00      $3,982.00                                 $ 2,172.00

       Total$10,458.00       $ 11,036.00                          $ 9,040.00

*Cost per unit x Total quantity

**NRV per unit x Total quantity

the correct answer is economics is a game without winners or losers.

unlike sports or games economic is a game without losers or winner rather it is a game where everyone wins. parties of business doing businesses exchange money with each other and hence exchange is done on the basis of goods. one party takes the goods and other sales it so there is winner on both sides. each party values more highly the good it gets than the good it gives up. both sides exchange only because both intend to increase their value. so there is no concept of lose or win.

b. condominum i think