Question

Kingbird Company uses the LCNRV method, on an individual-item basis, in pricing its inventory items. The...

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 19 11 22 11 22


Using the LCNRV rule, determine the proper unit value for balance sheet reporting purposes at December 31, 2017, for each of the inventory items above.

Item D $
Item E $
Item F $
Item G $
Item H $
Item I $
1 0
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Answer #1
Item D lower of 81 or (130-32-11) 81
Item E lower of 86 or (119-32-19) 68
Item F 65
Item G 37
Item H 54
Item I 39

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