1. Univ Company has the policy of valuing inventory at the lower of cost and NRV. Data pertaining to its products are as follows: AAA BBB ССС Estimated selling price/unit P3,000 P2,000 P2,500 Estimated cost to sell/unit 600 400 500 Cost per unit 2,500 1,500 1,30 Number of units (in 50kilo bags) 200 500 250

1. Univ Company has the policy of valuing inventory at the lower of cost and NRV. Data pertaining to its products are as follows: AAA BBB ССС Estimated selling price/unit P3,000 P2,000 P2,500 Estimated cost to sell/unit 600 400 500 Cost per unit 2,500 1,500 1,30 Number of units (in 50kilo bags) 200 500 250

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter13: Accounting For Merchandise Inventory

Section: Chapter Questions

Problem 1CE: LO1 If the ending inventory is overstated by 10,000, indicate what, if anything, is incorrect about...

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