1. Univ Company has the policy of valuing inventory at the lower of cost and NRV. Data pertaining to its products are as follows: AAA BBB ССС Estimated selling price/unit P3,000 P2,000 P2,500 Estimated cost to sell/unit 600 400 500 Cost per unit 2,500 1,500 1,30 Number of units (in 50kilo bags) 200 500 250

1. Univ Company has the policy of valuing inventory at the lower of cost and NRV. Data pertaining to its products are as follows: AAA BBB ССС Estimated selling price/unit P3,000 P2,000 P2,500 Estimated cost to sell/unit 600 400 500 Cost per unit 2,500 1,500 1,30 Number of units (in 50kilo bags) 200 500 250

Corporate Financial Accounting

14th Edition

ISBN:9781305653535

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter6: Inventories

Section: Chapter Questions

Problem 7DQ: Using the following data, how should the inventory be valued under lower of cost or market? Original...

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