The inventory of Bramble Company on December 31, 2020, consists of the following items. Part Quantity Cost per Unit Net Realizable Value 110 620 $121.00 $127.00 111 1,080 76.20 66.00 112 540 101.60 97.00 113 220 215.90 228.60 120 440 260.00 264.00 121 a 1,400 20.00 1.00 122 330 304.80 298.00 a Part No. 121 is obsolete and has a realizable value of $1.00 each as scrap. (a) Determine the inventory as of December 31, 2020, by the LCNRV method, applying this method to each item.

$462,562

Explanation:

Lower of Cost and Net Realizable Value (LCNRV) records ending inventory at the lowest between purchase costs or net realizable value.

Part         Q             Cost per Unit          Net RV            Total

110        620              $121.00                 $127.00          $75,020

111        1,080             $76.20                  $66.00            $71,280        

112         540             $101.60                  $97.00           $52,380

113         220            $215.90                $228.60           $47,498

120        440           $260.00                $264.00          $114,400

121      1,400              $20.00                     $1.00             $1,400

122       330             $304.80               $298.00         $100,584

Total                                                                             $462,562

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