(Inventory LCNRV Computation) 6. Squat Company uses the lower of cost or net realizable value inventory. Data regarding the items in work-in-process inventory are presented below: Product A Product B Historical cost 24,000 18,800 Selling price Estimated cost to complete 36,000 21,800 4,800 3,500 Estimated cost to sell 2,000 1,900 Replacement cost Normal profit margin as a percentage of selling price 20,800 16,800 25% 25% What amount should be reported as ending inventory using the LCNRV individual approach? a. 45,600 b. 40,400 с. 42,800 d. 48,000

(Inventory LCNRV Computation) 6. Squat Company uses the lower of cost or net realizable value inventory. Data regarding the items in work-in-process inventory are presented below: Product A Product B Historical cost 24,000 18,800 Selling price Estimated cost to complete 36,000 21,800 4,800 3,500 Estimated cost to sell 2,000 1,900 Replacement cost Normal profit margin as a percentage of selling price 20,800 16,800 25% 25% What amount should be reported as ending inventory using the LCNRV individual approach? a. 45,600 b. 40,400 с. 42,800 d. 48,000

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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