Herman 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 Required: What unit values should Herman use for each of its products when applying the lower of cost or net realizable value (LCNRV) rule to ending inventory? Product 1 $29 67 9 Cost $ 29 99 Product 2 $.99 147 58 Answer is complete but not entirely correct. Per Unit Inventory Value NRV 58 $ 89 Product 3 $59 0x 97 19 (10)
Herman 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 Required: What unit values should Herman use for each of its products when applying the lower of cost or net realizable value (LCNRV) rule to ending inventory? Product 1 $29 67 9 Cost $ 29 99 Product 2 $.99 147 58 Answer is complete but not entirely correct. Per Unit Inventory Value NRV 58 $ 89 Product 3 $59 0x 97 19 (10)
Chapter18: Accounting Periods And Methods
Section: Chapter Questions
Problem 67P
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