Solution
Item D |
$ 93.00 |
Item E |
$ 77.00 |
Item F |
$ 75.00 |
Item G |
$ 44.00 |
Item H |
$ 62.00 |
Item I |
$ 45.00 |
Working
Item D |
Item E |
Item F |
Item G |
Item H |
Item I |
|
Selling price (A) |
$ 149.00 |
$ 136.00 |
$ 118.00 |
$ 112.00 |
$ 136.00 |
$ 112.00 |
Cost to complete (B) |
$ 37.00 |
$ 37.00 |
$ 31.00 |
$ 43.00 |
$ 37.00 |
$ 37.00 |
Selling cost (C ) |
$ 12.00 |
$ 22.00 |
$ 12.00 |
$ 25.00 |
$ 12.00 |
$ 25.00 |
Net realizable value [A-(B+C)] |
$ 100.00 |
$ 77.00 |
$ 75.00 |
$ 44.00 |
$ 87.00 |
$ 50.00 |
Cost (D) |
$ 93.00 |
$ 99.00 |
$ 99.00 |
$ 99.00 |
$ 62.00 |
$ 45.00 |
Lower of cost of NRV |
$ 93.00 |
$ 77.00 |
$ 75.00 |
$ 44.00 |
$ 62.00 |
$ 45.00 |
Buffalo Company uses the LCNRV method, on an individual-item basis, in pricing its inventory items. The...
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...
Vaughn 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 $139 $128 $110 $104 $128 $104 Cost 87 93 93 93 58 42 Cost to complete 35 35 29 41 35 35 Selling costs 12...
Coronado 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
$133
$122
$105
$100
$122
$100
Cost
83
89
89
89
56
40
Cost to complete
33
33
28
39
33
33
Selling costs
11...
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...
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 $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...
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...
Exercise 9-2
Ivanhoe 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
$144
$132
$114
$108
$132
$108
Cost
90
96
96
96
60
43
Cost to complete
36
36
30
42
36
36
Selling...
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...
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...