Sh1Please help me. Thankyou. Herman Company has three products in its ending inventory. Specific per unit data at the end of the year for each of the products areas follows:CostReplacement costSelling priceSelling costsNormal profitProduct123$CostProduct 1$ 211941Required:What unit values should Herman use for each of its products when applying the lower of cost or market (LCM) rule to endinginventory?Replacementcost21 $915166198641Product 2$ 91861214031NRVProduct 3$ 514160913NRV - NPMarketPer UnitInventoryValue

Name: Sh1Please help me. Thankyou. Herman Company has three products in its
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Description: Sh1Please help me. Thankyou. Herman Company has three products in its ending inventory. Specific per unit data at the end of the year for each of the products areas follows:CostReplacement costSelling priceSelling costsNormal profitProduct123$CostPro

According to accounting standard, Inventory is value at lower of cost or market. NRV :— It is the…

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Accounting

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 Replacement cost Selling price Selling costs Normal profit Product 1 2 3 $ Cost Product 1 $ 21 Required: What unit values should Herman use for each of its products when applying the lower of cost or market (LCM) rule to ending inventory? Replacement cost 21 $ 91 51 19 41 6 6 19 86 41 Product 2 $ 91 86 NRV 121 40 31 Product 3 $ 51 41 60 9 13 NRV - NP Market Per Unit Inventory Value

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 Replacement cost Selling price Selling costs Normal profit Product 1 2 3 $ Cost Product 1 $ 21 Required: What unit values should Herman use for each of its products when applying the lower of cost or market (LCM) rule to ending inventory? Replacement cost 21 $ 91 51 19 41 6 6 19 86 41 Product 2 $ 91 86 NRV 121 40 31 Product 3 $ 51 41 60 9 13 NRV - NP Market 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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