lue Company uses the LCNRV method, on an individual-item basis, in pricing its inventory items. The inventory at December 31, 020, consists of products D, E, F, G, H, and I. Relevant per unit data for these products appear below. Item D Item E Item F Item G Item H Item i Estimated selling price $148 $135 $117 $111 $135 $111 Cost 92 98 98 98 62 44 Cost to complete 37 37 31 43 37 37 Selling costs 12 22 12 25 12 25 Using the LCNRV rule, determine the proper unit value for balance sheet reporting purposes at December 31, 2020, for each of the inventory items above. Item D %24 Item E %24 Item F %24 Item G %24 Item H Item I %24

lue Company uses the LCNRV method, on an individual-item basis, in pricing its inventory items. The inventory at December 31, 020, consists of products D, E, F, G, H, and I. Relevant per unit data for these products appear below. Item D Item E Item F Item G Item H Item i Estimated selling price $148 $135 $117 $111 $135 $111 Cost 92 98 98 98 62 44 Cost to complete 37 37 31 43 37 37 Selling costs 12 22 12 25 12 25 Using the LCNRV rule, determine the proper unit value for balance sheet reporting purposes at December 31, 2020, for each of the inventory items above. Item D %24 Item E %24 Item F %24 Item G %24 Item H Item I %24

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 4CE: Kulsrud Company would like to estimate the current inventory level. Using the gross profit method...

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The cost of the inventory on January 31, 2019, under the FIFO method is: a. 400 b. 2,700 c. 3,100 d. 3,200
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