Estimated selling price $124 $113 $98 $93 $113 $93 Cost 77 82 82 82 52 37 Cost to complete 31 31 26 36 31 31 Selling costs 10 19 10 21 10 21 Using the LCNRV rule, determine the proper unit value for balance sheet reporting purposes at December 31, 2020, for each of the inventory items above. Item D 2$ Item E $4 Item F 24 Item G $4 Item H 24 Item I 24

Estimated selling price $124 $113 $98 $93 $113 $93 Cost 77 82 82 82 52 37 Cost to complete 31 31 26 36 31 31 Selling costs 10 19 10 21 10 21 Using the LCNRV rule, determine the proper unit value for balance sheet reporting purposes at December 31, 2020, for each of the inventory items above. Item D 2$ Item E $4 Item F 24 Item G $4 Item H 24 Item I 24

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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Question 2 Grouper Company began operations on January 1, 2018, and uses the average-cost method of pricing inventory. Management is contemplating a change in inventory methods for 2021. The following information is available for the years 2018-2020. 2018 2019 2020 Net Income Computed Using Average-Cost Method FIFO Method $15,910 $19.060 21,170 25,200 2018 (a) Prepare the journal entry necessary to record a change from the average cost method to the FIFO method in 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation 2019 18,170 $ 19,880 $ (b) Determine net income to be reported for 2018, 2019, and 2020, after giving effect to the change in accounting principle. 2020 $ LIFO Method $12,010 14,110 17,040 Net Income Debit Account Titles and Explanation Credit (c) Assume Grouper Company used the LIFO method instead…