XYZ Company sells a product for $45 per unit. The cost of one unit is $36. The estimated costto complete a unit is $8, and the estimated cost to sell is $5. At what amount per unit should theproduct be reported, applying lower-of-cost-or-net realizable value?0 37Ⓒ 490 36O 32

Lower of cost or net realization value: It is a concept used to report the cost inventory and…

Answered: XYZ Company sells a product for $45 per…

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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XYZ Company sells a product for $45 per unit. The cost of one unit is $36. The estimated cost to complete a unit is $8, and the estimated cost to sell is $5. At what amount per unit should the product be reported, applying lower-of-cost-or-net realizable value? 0 37 O 49 O 36 O 32