Floyd Corporation has the following four items in its ending inventory.
|
Item |
Cost |
Replacement |
Net Realizable |
NRV less |
|
Jokers |
$2,000 |
$2,050 |
$2,100 |
$1,600 |
|
Penguins |
5,000 |
5,100 |
4,950 |
4,100 |
|
Riddlers |
4,400 |
4,550 |
4,625 |
3,700 |
|
Scarecrows |
3,200 |
2,990 |
3,830 |
3,070 |
Determine the final lower of cost or market inventory value for each item.