The Inventory of Royal Decklng consisted of five products. Information about the December 312 lows Per Unit Product Cost Replacement Cost Selling Price. $ 45 78 80 118 50 65 98 148 38 48 Selling costs cons/st of a sales commission equaf to 15% of selling price and shipping costs equal to 5% of cost The normal profit is 30% of selling price. Required: What urilt value should Royal Decking use for each of Its products when apolying the lowerlof cost or market (LCM) rule to units of ending inventory? (Do not round Intermediete calculatIons. Round finat answers to 2 decimal places.) Replacement cost Macket Product Cost NRV NRV NP iventary 60 45 90 80 50 85 80 30 38
The Inventory of Royal Decklng consisted of five products. Information about the December 312 lows Per Unit Product Cost Replacement Cost Selling Price. $ 45 78 80 118 50 65 98 148 38 48 Selling costs cons/st of a sales commission equaf to 15% of selling price and shipping costs equal to 5% of cost The normal profit is 30% of selling price. Required: What urilt value should Royal Decking use for each of Its products when apolying the lowerlof cost or market (LCM) rule to units of ending inventory? (Do not round Intermediete calculatIons. Round finat answers to 2 decimal places.) Replacement cost Macket Product Cost NRV NRV NP iventary 60 45 90 80 50 85 80 30 38
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter8: Inventories: Special Valuation Issues
Section: Chapter Questions
Problem 2MC: Moore Company uses the LIFO cost flow assumption and carries Product A in inventory on December 31,...
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