Presented below is information related to Blossom Inc.'s inventory. (per unit)
Skis Boots Parkas
Historical Cost $199.50 $111.30 $55.65
Selling Price $22.60 $153.25 $77.44
Cost to sell $19.95 $8.40 $2.63
Cost to complete $33.60 $30.45 $22.31
Determine the following:
a. the net realizable value for each item
b. the carrying value of each item under LCNRV.
