Han Company has three products in its ending inventory. Specific per unit data at the end of the year for each of the products are asfollows:CostSelling priceCosts to sellProduct123Product 1$29679CostRequired:What unit values should Han use for each of its products when applying the lower of cost or net realizable value (LCNRV) rule toending inventory?Product 2 Product 3$ 599719NRV$9914758Per Unit InventoryValue

Name: Han Company has three products in its ending inventory. Specific per
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Description: Han Company has three products in its ending inventory. Specific per unit data at the end of the year for each of the products are asfollows:CostSelling priceCosts to sellProduct123Product 1$29679CostRequired:What unit values should Han use for each

The concept of the lower of cost and net realizable value, or LCNRV requires that inventory be…

Business

Accounting

Han Company has three products in its ending inventory. Specific per unit data at the end of the year for each of the products are as follows: Cost Selling price Costs to sell Product 1 2 3 Product 1 $ 29 67 Cost 9 Required: What unit values should Han use for each of its products when applying the lower of cost or net realizable value (LCNRV) rule to ending inventory? Product 2 Product 3 $ 99 $ 59 147 97 58 19 NRV Per Unit Inventory Value

Han Company has three products in its ending inventory. Specific per unit data at the end of the year for each of the products are as follows: Cost Selling price Costs to sell Product 1 2 3 Product 1 $ 29 67 Cost 9 Required: What unit values should Han use for each of its products when applying the lower of cost or net realizable value (LCNRV) rule to ending inventory? Product 2 Product 3 $ 99 $ 59 147 97 58 19 NRV Per Unit Inventory Value

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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Han Company has three products in its ending inventory. Specific per unit data at the end of the year for each of the products are as follows: Cost Replacement cost Selling price Selling costs Normal profit Product 1 2 3 $ Cost Required: What unit values should Han use for each of its products when applying the lower of cost or market (LCM) rule to ending inventory? Product 1 $28 26 48 5 13 28 $ 98 58 Q Search Replacement cost 26 93 48 Product 2 $98 93 128 or 30 38 NRV Product 3 $58 48 60 10 20 W ENG 4x D 4:45 PM 11/27/2023