Crane Company uses the LCNRV method, on an individual-item basis, in pricing its inventory items. The inventory at December 31, 2020, 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 ItemI Estimated selling price $ 122 $ 112 $ 97 $ 92 $ 112 $ 92 Cost 77 82 82 82 51 37 Cost to complete 31 31 26 36 31 31 Selling costs 10 18 10 10 20 Using the LCNRV rule, determine the proper unit value for balance sheet reporting purposes at December 31, 2020, for each of the inventory items above. 20

Crane Company uses the LCNRV method, on an individual-item basis, in pricing its inventory items. The inventory at December 31, 2020, 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 ItemI Estimated selling price $ 122 $ 112 $ 97 $ 92 $ 112 $ 92 Cost 77 82 82 82 51 37 Cost to complete 31 31 26 36 31 31 Selling costs 10 18 10 10 20 Using the LCNRV rule, determine the proper unit value for balance sheet reporting purposes at December 31, 2020, for each of the inventory items above. 20

Name: Crane Company uses the LCNRV (Lower of Cost or Net Realizable Value)
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Description: Crane Company uses the LCNRV (Lower of Cost or Net Realizable Value) method, on an individual-item basis, in pricing its inventory items. The inventory at December 31, 2020, consists of products D, E, F, G, H, and I. Relevant per unit data for these

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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