2. Nolen Company is preparing the annual financial statements dated December 31, 2022

Information about inventory stocked for regular sale follows:

Item

B

с

D

Quantity

on Hand

Item

A

B

C

50

100

20

40

Unit Cost

When Acquired

Units

50

100

20

40

$20

45

59

40

Net Realizable Value

at Year End

Instructions

Compute the valuation for the December 31, 2022, inventory using the lower-of-cost-or-net

realizable value basis

SHOW YOUR WORK

$19

45

Lower-of-Cost-or

Net-Realizable-Value

62

36

Extension