Problem 12-2 (AICPA Adapted)Prime Company manufactures and sells four products, theinventories of which are priced at cost or net realizable valuewhichever is lower. A normal profit of 30% is usuallymaintained on each product.The following information is compiled at year-end:Normalselling priceEstimatedCost todispose selling priceOriginalProductcost70047525545015020550260800950300700950350900141,000Required:Determine the unit value for each product applying the lowerof cost and net realizable value in measuring inventory.348

The question is related to Valuation of Inventory. Required Determine the unit value of each…

Problem 12-2 (AICPA Adapted) Prime Company manufactures and sells four products, the inventories of which are priced at cost or net realizable value whichever is lower. A normal profit of 30% is usually maintained on each product. The following information is compiled at year-end: Original Cost to Estimated Normal Product cost dispose selling price selling price 700 475 255 450 800 950 300 1,000 700 950 350 900 1 150 205 2 3. 50 4 260 Required: Determine the unit value for each product applying the lower of cost and net realizable value in measuring inventory. 348

Problem 12-2 (AICPA Adapted) Prime Company manufactures and sells four products, the inventories of which are priced at cost or net realizable value whichever is lower. A normal profit of 30% is usually maintained on each product. The following information is compiled at year-end: Original Cost to Estimated Normal Product cost dispose selling price selling price 700 475 255 450 800 950 300 1,000 700 950 350 900 1 150 205 2 3. 50 4 260 Required: Determine the unit value for each product applying the lower of cost and net realizable value in measuring inventory. 348

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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Selling price per unit: $15 Variable cost per unit: $10 Fixed MOH for each year: $800 Year 1 Year 2 Production 250 200 Sold 210 240 Ending Inventory 40 0 Using variable costing, Net Operating Income for Year 2 is: Select one: a. $378 b. $250 c. $400 d. $272 e. $650
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