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$401006Required:What unit values should Han use for each of its products when applying the lower of cost or net realizable value (LCNRV) rule toending inventory?Cost$ 4011070Product 2 Product 3$ 110$701801308030NRVPer 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$401006Required:What unit values should Han use for each of

Net realizable value = Selling price - Costs to sell Workings:

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 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 1 2 3 Cost $ Product 1 Product 2 Product 3 $ 40 $110 $ 70 100 180 130 6 80 30 40 110 70 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 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 1 2 3 Cost $ Product 1 Product 2 Product 3 $ 40 $110 $ 70 100 180 130 6 80 30 40 110 70 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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