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 |
Exercise 9-02 Concord Company uses the LCNRV method, on an individual-item basis, in pricing its inventory...
Concord Company uses the LCNRV method, on an individual-item basis, in pricing its inventory items. The inventory at December 31, 2020, 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 $127 $117 $101 $95 $117 $95 Cost 80 85 85 85 53 38 Cost to complete 32 32 27 37 32 32 Selling costs 11...
Marigold Company uses the LCNRV method, on an individual-item basis, in pricing its inventory items. The inventory at December 31, 2020, 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 $126 $116 $100 $95 $116 $95 Estimated selling price Cost 79 84 84 53 38 Cost to complete 32 32 26 32 32 Selling costs 19 21 21...
Exercise 9-2 Ayayai Company uses the LCNRV method, on an individual-item basis, in pricing its inventory items. The inventory at December 31, 2017, 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 $128 $118 $102 $96 $118 $96 Cost 80 86 86 86 54 39 Cost to complete 32 32 27 37 32 32 Selling...
Bramble Company uses the LCNRV method, on an individual-item basis, in pricing its inventory items. The inventory at December 31, 2020, 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 Item Estimated selling price Cost $138 86 35 12 $127 92 35 21 $109 92 29 12 $104 92 40 23 $127 58 35 12 $104 41 35 23 Cost to...
Marigold Company uses the LCNRV method, on an individual-item basis, in pricing its inventory items. The inventory at December 31, 2020, consists of products D, E, F, G, H, and I. Relevant per unit data for these products appear below. Item D $126 Item $116 Item F $100 Item G $95 Item H $116 Item I $95 Estimated selling price Cost Cost to complete Selling costs Using the LCNRV rule, determine the proper unit value for balance sheet reporting purposes...
Kingbird Company uses the LCNRV method, on an individual-item basis, in pricing its inventory items. The inventory at December 31, 2017, 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 $130 $119 $103 $97 $119 $97 Cost 81 86 86 86 54 39 Cost to complete 32 32 27 38 32 32 Selling costs 11...
Riegel Company uses the LCNRV method, on an individual-item basis, in pricing its inventory items. The inventory at December 31, 2020, consists of products D, E, F, G, H, and I. Relevant per unit data for these products appear below. Estimated selling price Cost - Item D $120 75 30 10 Item E $110 80 30 18 Item F $95 80 25 10 Item G $90 30 35 20 Item H Item $110 $90 50 36 30 30 10 20...
Bonita Company uses the LCNRV method, on an individual-item basis, in pricing its inventory items. The inventory at December 31, 2020, 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 | Estimated selling price Cost $132 83 33 11 $121 88 33 20 $105 88 28 11 $99 88 39 22 $121 55 33 11 $99 40 33 22...
Exercise 9-2 Flounder Company uses the LCNRV method, on an individual-item basis, in pricing its inventory items. The inventory at December 31, 2017, 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 $140 $129 $111 $105 $129 $105 Cost 88 94 94 94 59 42 Cost to complete 35 35 29 41 35 35 Selling...
Exercise 9-2 Flounder Company uses the LCNRV method, on an individual-item basis, in pricing its inventory items. The inventory at December 31, 2017, 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 $140 $129 $111 $105 $129 $105 Cost 88 94 94 94 59 42 Cost to complete 35 35 29 41 35 35 Selling...