Cases | Net realizable value (a) | Net realizable value less normal profit (b) | Replacement cost (c) | Market value [ Middle of a,b,c ] (d) | Cost (e) | Unit inventory price [ Lower of d & e ] |
1 | $ 15.60 | $ 13.70 | $ 13.90 | $ 13.90 | $ 13.60 | $ 13.60 |
2 | $ 19.50 | $ 18.00 | $ 19.00 | $ 19.00 | $ 14.40 | $ 14.40 |
3 | $ 13.30 | $ 11.96 | $ 12.40 | $ 12.40 | $ 14.50 | $ 12.40 |
4 | $ 11.70 | $ 9.90 | $ 10.20 | $ 10.20 | $ 16.90 | $ 10.20 |
5 | $ 15.90 | $ 14.20 | $ 17.30 | $ 15.90 | $ 15.60 | $ 15.60 |
In some instances, accounting principles require a departure from valuing inventories at cost alone. Determine the...
In some instances, accounting principles require a departure from valuing inventories at cost alone. Determine the proper unit inventory price in the following cases, under the lower-of-cost-or-market rule. (Round answers to 2 decimal places, e.g. 52.75.) Cases 1 2 33 5 $13.60 $14.40 $14.50 $16.90 $15.60 Cost Net realizable value 19.50 13.30 11.70 15.60 15.90 Net realizable value less normal profit 13.70 18.00 11.96 9.90 14.20 Market (replacement cost) 13.90 19.00 12.40 10.20 17.30 Cases 1 2 3 4 5...
In some instances, accounting principles require a departure from valuing inventories at cost alone. Determine the proper unit inventory price in the following cases, under the lower-of-cost-or-market rule. (Round answers to 2 decimal places, e.g. 52.75.) Cases 1 2 3 4 5 Cost $14.50 $14.80 $15.30 $15.40 $16.30 Net realizable value 15.70 20.20 14.00 8.90 14.50 Net realizable value less normal profit 14.10 18.70 12.56 7.40 12.70 Market (replacement cost) 16.30 19.00 13.00 10.10 16.10 Cases 1 2 3 4...
FULL SCREEN PRINTER VERSION Your answer is incorrect. Try again. In some instances, accounting principles require a departure from valuing inventories at cost alone. Determine the proper unit inventory price in the following cases using LCNRV. Cases Cost Sales value Estimated cost to complete Estimated cost to sell $18.30 14.60 1.40 0.50 $17.50 17.20 1.70 0.70 $15.20 16.60 1.58 0.54 $17.60 19.00 $16.20 9.90 0.80 0.50 1.00 0.50 Unit Inventory price Click if you would like to Show Work for...