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Product Cost Selling Price Estimated Cost of Disposal $ 90,000 110,000 60,000 100,000 105,000 $150,000 120,000 70,000 115,000 110,000 $20,000 15,000 5,000 5,000 8,000 A B D

Product Cost Selling Price Estimated Cost of Disposal $ 90,000 110,000 60,000 100,000 105,000 $150,000 120,000 70,000 115,000 110,000 $20,000 15,000 5,000 5,000 8,000 A B D

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Byron Company has five products in its inventory and uses the FIFO cost flow assumption. Specific data for each product are as follows:

1. what is the correct inventory value assuming the LCNRV rule is applied to each item of inventory?                                                                                     2. What is the correct inventory value assuming the LCNRV rule is applied to the total of inventory?                                                                                       3. Next Level Comment on any differences that result from applying the LCNRV rule to individual items coinpared to the total of inventory.

Product Cost Selling Price Estimated Cost of Disposal $ 90,000 110,000 60,000 100,000 105,000 $150,000 120,000 70,000 115,000 110,000 $20,000 15,000 5,000 5,000 8,000 A B D
Transcribed Image Text:Product Cost Selling Price Estimated Cost of Disposal $ 90,000 110,000 60,000 100,000 105,000 $150,000 120,000 70,000 115,000 110,000 $20,000 15,000 5,000 5,000 8,000 A B D
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