Winners Inc had three items in its ending inventory. The companys inventory information is for item TB quantity 2400,cost per item $3.30, selling price is $4.10, cost to complete is $0.95, cost to sell is $0.50, cost to transport is $0.05. Foritem VW quantity is 1200, cost per item $6.60, selling price is $9.20, cost to complete is $1.40, cost to sell is $0.85, costto transport is $0.10. For item RG quantity is 1900, cost per item is $4.25, selling price is $6.25, cost to complete is $1.25, cost to sell is $0.65, cost to transport is $0.20. Determine the LCNRV for item TB. Determine the LCNRV for itemVW. Determine the LCNRV for item RG. Determine the final inventory using total category LCNRV method.

Name: Winners Inc had three items in its ending inventory. The companys inv
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Description: Winners Inc had three items in its ending inventory. The companys inventory information is for item TB quantity 2400,cost per item $3.30, selling price is $4.10, cost to complete is $0.95, cost to sell is $0.50, cost to transport is $0.05. Foritem V

LCNRV, or Lower Cost or Net Realizable Value, is an accounting principle ensuring inventory…

Business

Accounting

1.25, cost to sell is $0.65, cost to transport is $0.20. Determine the LCNRV for item TB. Determine the LCNRV for item VW. Determine the LCNRV for item RG. Determine the final inventory using total category LCNRV method.

1.25, cost to sell is $0.65, cost to transport is $0.20. Determine the LCNRV for item TB. Determine the LCNRV for item VW. Determine the LCNRV for item RG. Determine the final inventory using total category LCNRV method.

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter13: Accounting For Merchandise Inventory

Section: Chapter Questions

Problem 4CE: Kulsrud Company would like to estimate the current inventory level. Using the gross profit method...

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Winners Inc. has three items in its ending inventory. The company's inventory information is presented below. Item: Quantity: Cost per Selling Cost to Cost to Cost to Item: Price: Complete: Sell: Transport: TB 2,400 $3.30 $4.10 $0.95 $0.50 $0.05 VW 1,200 $6.60 $9.20 $1.40 $0.85 $0.10 RG 1,900 $4.25 $6.25 $1.25 $0.65 $0.20 Required: Using the lower-of-cost-or-net realizable value (LCNRV) approach for Winners Inc., calculate the following values. a. Determine the LCNRV for item TB. type your answer... b. Determine the LCNRV for item VW. type your answer... c. Determine the LCNRV for item RG. type your answer... d. Determine the final inventory value using a total category LNCRV method. type your answer...
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