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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 prod follows: Cost Selling price Costs to sell Product 1 2 3 Product 1 Product 2 Product 3 $ 20 $.90 $ 50 40 120 6 40 Required: What unit values should Han use for each of its products when applying the lower of cost or net realizable value (LCNRV) ending inventory? Cost NRV 地 Per Unit Inventory Value 70 10

Han Company has three products in its ending inventory. Specific per unit data at the end of the year for each of the prod follows: Cost Selling price Costs to sell Product 1 2 3 Product 1 Product 2 Product 3 $ 20 $.90 $ 50 40 120 6 40 Required: What unit values should Han use for each of its products when applying the lower of cost or net realizable value (LCNRV) ending inventory? Cost NRV 地 Per Unit Inventory Value 70 10

FINANCIAL ACCOUNTING
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 Selling price Costs to sell Product 1 2 3 Product 11 $ 20 40 6 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? Cost Product 2 Product 3 $.90 $ 50 120 40 NRV 70 10 Per Unit Inventory Value
Transcribed Image Text: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 11 $ 20 40 6 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? Cost Product 2 Product 3 $.90 $ 50 120 40 NRV 70 10 Per Unit Inventory Value
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