Nolen Company Is Preparing the Annual Financial Statements Dated December

question 164

Essay

Nolen Company is preparing the annual financial statements dated December 31, 2022. Information about inventory stocked for regular sale follows: $\begin{array}{ccccc}&\text { Quantity } & \text { Unit Cost } \\\text { Item }&\text { on Hand } & \text { When Acquired }&\text { NRV at year end }\\\mathrm{A} & 50 & \$ 20 & \$ 19 \\\mathrm{~B} & 100 & 45 & 45 \\\mathrm{C} & 20 & 59 & 62 \\\mathrm{D} & 40 & 40 & 36\end{array}$ Instructions
Compute the valuation for the December 31, 2022, inventory using the LCNRV basis.

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