16. Use the following information to calculate inventory applying LCNRV by item:Recordedcost$12$22$17$42$32$18Еxpectedsales price$16$24$19DisposalCosts$2$5Item AItem BItem C$2Item D$60$40$6Item E$6Item F$24$7

Name: 16. Use the following information to calculate inventory applying LCN
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Description: 16. Use the following information to calculate inventory applying LCNRV by item:Recordedcost$12$22$17$42$32$18Еxpectedsales price$16$24$19DisposalCosts$2$5Item AItem BItem C$2Item D$60$40$6Item E$6Item F$24$7

Lets understand the basics. As per IAS 2 "Inventories", inventory should be valued at lower of cost…

Business

Accounting

16. Use the following information to calculate inventory applying LCNRV by item Recorded Expected sales price $16 $24 $19 $60 Disposal Costa cost Item A $12 $22 $17 $42 $32 $18 Item B $5 Item C Item D Item E Item F $6 $6 $7 $40 $24 2 62

16. Use the following information to calculate inventory applying LCNRV by item Recorded Expected sales price $16 $24 $19 $60 Disposal Costa cost Item A $12 $22 $17 $42 $32 $18 Item B $5 Item C Item D Item E Item F $6 $6 $7 $40 $24 2 62

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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