Chapter 1, Problem 5DQ

Sarasota Company uses the LCNRV method, on an individual-item basis, in pricing its inventory items. The inventory at December 31, 2017, consists of products D, E, F, G, H, and I. Relevant per unit data for these products appear below. Item Item D E Item F Item Item Item I G H Estimated selling $ 130 $119 $103 $ 97 $ 119 $ 97 price Cost 81 86 86 86 54 39 Cost to complete 32 32 27 38 32 32 Selling costs 11 19 11 22 11 22 Using the LCNRV rule, determine the proper unit value for balance sheet reporting purposes at December 31, 2017, for each of the inventory items above. Item D $_ Item E SASS $_ Item F $ Item G $_ Item H $_ Item I $

Given correct option general accounting

The cost of unsold inventory at the end of the year is classified as a(n) in the A. assets; balance sheet B. expense; income statement C. liability; balance sheet D. revenue; income statement