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Porter Photography Ltd.reports the following cost and net realizable value information for its inventory at March 31 Units Unit Cost Unit NRV Cameras: Fuji $176 $164 Samsung 155 157 Light Meters: Gossen 12 139 Sekonic 10 109 103
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Answer #1

Working:

Units Unit Cost Unit NRV Total Cost Total NRV
Cameras:
Fuji 4 176 164 704 656
Samsung 8 155 157 1240 1256
Light Meters:
Gossen 12 136 139 1632 1668
Sekonic 10 109 103 1090 1030
Total $ 4666 4610
LCNRV
Cameras:
Fuji 656
Samsung 1240
Light Meters:
Gossen 1632
Sekonic 1030
Total $ 4558
Date Account Titles and Explanation Debit Credit
Dec. 31 Loss on inventory write down ($4666 - $4610) 56
Inventory 56
(To record inventory at lower of cost and NRV)
Date Account Titles and Explanation Debit Credit
Dec. 31 Loss on inventory write down (2 x $155) 310
Inventory 310
(To record the damaged cameras)
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