Erndale Products Ltd. has the following items in inventory at year-end:
|
Item |
Units |
Cost (FIFO) |
NRV |
|
X |
2 |
$50 |
$60 |
|
Y |
3 |
150 |
75 |
|
Z |
4 |
25 |
20 |
Required: Calculate the cost of ending inventory using LCNRV on
- A unit-by-unit basis
- A group inventory basis.
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