Green Leaf Company had the following information available on December 31:
Management applies the LCM rule on the basis of inventory category and includes wheelbarrows and hoses in the large implement category and shovels and gloves in the small implement category. What is the write-down required?
A. $864.
B. $556.
C. $576.
D. $710.
C
($3,210 + $1,540) = total cost of large implement = $4,750
($3,300 + $1,470) = total MV of large implement = $4,770
($4,480 + $688) = total cost of small implement = $5,168
($3,840 + $752) = total MV of small implement = $4,592
$9,918 - ($4,750 + $4,592) = $576
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