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Exercise 9-02 Concord Company uses the LCNRV method, on an individual-item basis, in pricing its inventory items. The invento

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Solution

Item D $    80.00
Item E $    66.00
Item F $    63.00
Item G $    37.00
Item H $    53.00
Item I $    38.00

Working

Item D Item E Item F Item G Item H Item I
Selling price (A) $ 127.00 $ 117.00 $ 101.00 $    95.00 $ 117.00 $    95.00
Cost to complete (B) $    32.00 $    32.00 $    27.00 $    37.00 $    32.00 $    32.00
Selling cost (C ) $    11.00 $    19.00 $    11.00 $    21.00 $    11.00 $    21.00
Net realizable value [A-(B+C)] $    84.00 $    66.00 $    63.00 $    37.00 $    74.00 $    42.00
Cost (D) $    80.00 $    85.00 $    85.00 $    85.00 $    53.00 $    38.00
Lower of cost of NRV $    80.00 $    66.00 $    63.00 $    37.00 $    53.00 $    38.00
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