Han Company has three products in its ending inventory. Specific per unit data at the end of the year for each of the products are as follows: Cost Replacement cost Selling price Selling costs Normal profit Product 1 2 3 $ Cost Product 1 $28 26 48 28 $ 98 58 5 13 Required: What unit values should Han use for each of its products when applying the lower of cost or market (LCM) rule to ending inventory? Replacement cost Product 2 $98 93 128 26 93 48 30 38 Product 3 $58 48 60 NRV 10 20 NRV minus NP Market Per Unit Inventory Value

Han Company has three products in its ending inventory. Specific per unit data at the end of the year for each of the products are as follows: Cost Replacement cost Selling price Selling costs Normal profit Product 1 2 3 $ Cost Product 1 $28 26 48 28 $ 98 58 5 13 Required: What unit values should Han use for each of its products when applying the lower of cost or market (LCM) rule to ending inventory? Replacement cost Product 2 $98 93 128 26 93 48 30 38 Product 3 $58 48 60 NRV 10 20 NRV minus NP Market Per Unit Inventory Value

Name: Han Company has three products in its ending inventory. Specific per
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Description: Han Company has three products in its ending inventory. Specific per unit data at the end of the year for each of the products are asfollows:CostReplacement costSelling priceSelling costsNormal profitProduct123$CostRequired:What unit values should H

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter8: Inventories: Special Valuation Issues

Section: Chapter Questions

Problem 2RE: Black Corporation uses the LIFO cost flow assumption. Each unit of its inventory has a net...

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