Maurice Tutor

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    Argosy University/ Phoniex University/
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Category > Accounting Posted 24 Sep 2017 My Price 4.00

LCNRV method,

Riegel Company uses the LCNRV method, on an individual-item basis, in pricing its inventory items. The inventory at December 31, 2012, 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

$120

$110

$95

$90

$110

$90

Cost

75

80

80

80

50

36

Cost to complete

30

30

25

35

30

30

Selling costs

10

18

10

20

10

20

Using the LCNRV rule, determine the proper unit value for statement of financial position reporting purposes at December 31, 2012, for each of the inventory items above.

Answers

Maurice Tutor
(5)
Status NEW Posted 24 Sep 2017 11:09 PM My Price 4.00

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