Isaiah's Gear Had the Following Ending Inventory Costs Calculate the Lower of Cost and Net Realizable Value (LCNRV)

Essay

Isaiah's Gear had the following ending inventory costs:
$$\begin{array} { | l | r | r | } \hline \text { Units an Hand } & \text { Unit Cost } & \text { Unit NRV } \\\hline 20 & \$ 50 & { \$ 6 0 } \\\hline 10 & \$ 40 & \$ 45 \\\hline 30 & \$ 30 & \$ 25 \\\hline 40 & \$ 20 & \$ 15 \\\hline\end{array}$$ Calculate the lower of cost and net realizable value (LCNRV) on an item by item basis.