Winners Inc had three items in its ending inventory. The companys inventory information is for item TB quantity 2400,cost per item $3.30, selling price is $4.10, cost to complete is $0.95, cost to sell is $0.50, cost to transport is $0.05. Foritem VW quantity is 1200, cost per item $6.60, selling price is $9.20, cost to complete is $1.40, cost to sell is $0.85, costto transport is $0.10. For item RG quantity is 1900, cost per item is $4.25, selling price is $6.25, cost to complete is $1.25, cost to sell is $0.65, cost to transport is $0.20. Determine the LCNRV for item TB. Determine the LCNRV for itemVW. Determine the LCNRV for item RG. Determine the final inventory using total category LCNRV method.

Name: Winners Inc had three items in its ending inventory. The companys inv
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Description: Winners Inc had three items in its ending inventory. The companys inventory information is for item TB quantity 2400,cost per item $3.30, selling price is $4.10, cost to complete is $0.95, cost to sell is $0.50, cost to transport is $0.05. Foritem V

LCNRV, or Lower Cost or Net Realizable Value, is an accounting principle ensuring inventory…

Business

Accounting

1.25, cost to sell is $0.65, cost to transport is $0.20. Determine the LCNRV for item TB. Determine the LCNRV for item VW. Determine the LCNRV for item RG. Determine the final inventory using total category LCNRV method.

1.25, cost to sell is $0.65, cost to transport is $0.20. Determine the LCNRV for item TB. Determine the LCNRV for item VW. Determine the LCNRV for item RG. Determine the final inventory using total category LCNRV method.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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