Intermediate Accounting
BE9-2
Floyd Corporation has the following four items in its ending inventory.
Item Cost Replacement Cost Net Realizable Value (NRV) NRV Less Normal Profit Margin
Jokers 2,038 2,089 2,140 1,630
Penguins 5,095 5,197 5,044 4,178
Riddlers 4,484 4,636 4,713 3,770
Scarecrows 3,261 3,047 3,903 3,128
Determine the final lower of cost or market inventory value for each item.
