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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 S Cost Product 1 $24 22 44 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? 24 $ 94 54 7 9 Replacement cost Product 2 $94 89 124 37 34 22 89 44 Product 3 $ 54 44 66 NRV 11 16 NRV minus NP Market 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 Replacement cost Selling price Selling costs Normal profit Product 1 2 3 S Cost Product 1 $24 22 44 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? 24 $ 94 54 7 9 Replacement cost Product 2 $94 89 124 37 34 22 89 44 Product 3 $ 54 44 66 NRV 11 16 NRV minus NP Market Per Unit Inventory Value

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 Replacement cost Selling price Selling costs Normal profit Product 1 2 3 $ Cost Product 1 $ 24 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? 22 44 24 $ 94 54 7 9 Replacement cost Product 2 $94 89 124 37 34 22 89 44 Product 3 $ 54 44 66 11 16 NRV NRV minus NP Market 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 Replacement cost Selling price Selling costs Normal profit Product 1 2 3 $ Cost Product 1 $ 24 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? 22 44 24 $ 94 54 7 9 Replacement cost Product 2 $94 89 124 37 34 22 89 44 Product 3 $ 54 44 66 11 16 NRV NRV minus NP Market Per Unit Inventory Value
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