Solution
Item D | $ 90.00 |
Item E | $ 74.00 |
Item F | $ 72.00 |
Item G | $ 42.00 |
Item H | $ 60.00 |
Item I | $ 43.00 |
Working
Item D | Item E | Item F | Item G | Item H | Item I | |
Selling price (A) | $ 144.00 | $ 132.00 | $ 114.00 | $ 108.00 | $ 132.00 | $ 108.00 |
Cost to complete (B) | $ 36.00 | $ 36.00 | $ 30.00 | $ 42.00 | $ 36.00 | $ 36.00 |
Selling cost (C ) | $ 12.00 | $ 22.00 | $ 12.00 | $ 24.00 | $ 12.00 | $ 24.00 |
Net realizable value [A-(B+C)] | $ 96.00 | $ 74.00 | $ 72.00 | $ 42.00 | $ 84.00 | $ 48.00 |
Cost (D) | $ 90.00 | $ 96.00 | $ 96.00 | $ 96.00 | $ 60.00 | $ 43.00 |
Lower of cost of NRV | $ 90.00 | $ 74.00 | $ 72.00 | $ 42.00 | $ 60.00 | $ 43.00 |
nt Practice and ons Manual --/1 Question 1 View Policies Current Attempt in Progress CPAexcel Con-...
Int Practice and ons Manual Question 8 CPAexcel Con- Access View Policies Current Attempt in Progress ssions Windsor Lumber Company handles three principal lines of merchandise with these varying rates of gross profit on cost. erences borations PLUS Support Lumber 25% Millwork 30% Hardware and fittings 40% On August 18, a fire destroyed the office, lumber shed, and a considerable portion of the lumber stacked in the yard. To file a report of loss for insurance purposes, the company must...
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...
Show Attempt History Current Attempt in Progress Sheridan 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 1 Estimated selling price Cost $130 81 32 11 $119 86 32 19 $103 86 27 11 $97 86 38 22 $119...
Serel Grdtock Question 6 View Policies Current Attempt in Progress d Concord Company unes the LCNRV method, on an individual item bashs, in pricing its inventory ibems The inventory at December 31, 2020,consists of products DE,F,GHand L Relevant per unit data for these products appear below Item D Item E Item F Item G tem Item H Estimated seling price $127 $117 $101 595 $117 $95 Cost 80 85 85 85 53 38 Cost to complete 32 32 27 37...
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 Carla Company uses the LCNRV method, on an individual-item basils, in priding its inventory items. The inventory at December 31, 2017, consists of products D, E, Relevant per unit data for these products appear below. Item D Item E Item F Item G Item H Item I Estimated selling price $145 $133 $115 $109 $133 $109 Cost Cost to complete Selling costs 91 36 36 3042 12 22 12 97 97 97 61 36 12 36 24 24...
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...
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...
Question 6 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. Item D $120 Estimated selling price Cost Cost to complete Selling costs Item E $110 80 30 75 30 Item F $95 80 25 10 Item G $90 80 35 20 Item H $110 50 30 10 Item...
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...