pn.3 The inventory of Royal Decking consisted of five products. Information about ending inventory is as follows:ProductABCDECost$ 55955511535ProductABCDESelling costs consist of a sales commission equal to 10% of selling price and shipping costs equal to 5% of cost. The normal profit is30% of selling price.Per UnitReplacementCostRequired:What unit value should Royal Decking use for each of its products when applying the lower of cost or market (LCM) rule to units ofending inventory?Note: Do not round intermediate calculations. Round final answers to 2 decimal places.$$ 5085708543CostReplacementcostSellingPrice$ 75115951454555 $9555115355085708543NRVNRV minus NPMarketPer UnitInventoryValue

Inventory means the detailed list or stock of items, goods, or materials held by a business or…

The inventory of Royal Decking consisted of five products. Information about ending inventory is as follows: Product A B C D E Cost $ 55 95 55 115 35 Per Unit Replacement Cost $50 85 70 85 43 Selling Price $ 75 115 95 145 45 Selling costs consist of a sales commission equal to 10% of selling price and shipping costs equal to 5% of cost. The normal profit is 30% of selling price. Required: What unit value should Royal Decking use for each of its products when applying the lower of cost or market (LCM) rule to units of ending inventory? Note: Do not round intermediate calculations. Round final answers to 2 decimal places.

The inventory of Royal Decking consisted of five products. Information about ending inventory is as follows: Product A B C D E Cost $ 55 95 55 115 35 Per Unit Replacement Cost $50 85 70 85 43 Selling Price $ 75 115 95 145 45 Selling costs consist of a sales commission equal to 10% of selling price and shipping costs equal to 5% of cost. The normal profit is 30% of selling price. Required: What unit value should Royal Decking use for each of its products when applying the lower of cost or market (LCM) rule to units of ending inventory? Note: Do not round intermediate calculations. Round final answers to 2 decimal places.

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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