Estimated selling price $124 $113 $98 $93 $113 $93 Cost 77 82 82 82 52 37 Cost to complete 31 31 26 36 31 31 Selling costs 10 19 10 21 10 21 Using the LCNRV rule, determine the proper unit value for balance sheet reporting purposes at December 31, 2020, for each of the inventory items above. Item D 2$ Item E $4 Item F 24 Item G $4 Item H 24 Item I 24
Estimated selling price $124 $113 $98 $93 $113 $93 Cost 77 82 82 82 52 37 Cost to complete 31 31 26 36 31 31 Selling costs 10 19 10 21 10 21 Using the LCNRV rule, determine the proper unit value for balance sheet reporting purposes at December 31, 2020, for each of the inventory items above. Item D 2$ Item E $4 Item F 24 Item G $4 Item H 24 Item I 24
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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Question
![Nash Company uses the LCNRV method, on an individual-item basis, in pricing its inventory items. The inventory at December 31,
2020, consists of products D, E, F, G, H, and I. Relevant per unit data for these products appear below.
Item D
Item E
Item F
Item G
Item H
Item I
Estimated selling price
$124
$113
$98
$93
$113
$93
Cost
77
82
82
82
52
37
Cost to complete
31
31
26
36
31
31
Selling costs
10
19
10
21
10
21
Using the LCNRV rule, determine the proper unit value for balance sheet reporting purposes at December 31, 2020, for each of the
inventory items above.
Item D
%24
Item E
%$4
Item F
24
Item G
%24
Item H
%24](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F5e3cc97e-a77f-4ac5-9e71-fb8b01208b37%2Fd15e05a8-7959-4c68-8f4f-13432022dcc9%2F6n1cjfu_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Nash Company uses the LCNRV method, on an individual-item basis, in pricing its inventory items. The inventory at December 31,
2020, consists of products D, E, F, G, H, and I. Relevant per unit data for these products appear below.
Item D
Item E
Item F
Item G
Item H
Item I
Estimated selling price
$124
$113
$98
$93
$113
$93
Cost
77
82
82
82
52
37
Cost to complete
31
31
26
36
31
31
Selling costs
10
19
10
21
10
21
Using the LCNRV rule, determine the proper unit value for balance sheet reporting purposes at December 31, 2020, for each of the
inventory items above.
Item D
%24
Item E
%$4
Item F
24
Item G
%24
Item H
%24
![Estimated selling price
$124
$113
$98
$93
$113
$93
Cost
77
82
82
82
52
37
Cost to complete
31
31
26
36
31
31
Selling costs
10
19
10
21
10
21
Using the LCNRV rule, determine the proper unit value for balance sheet reporting purposes at December 31, 2020, for each of the
inventory items above.
Item D
24
Item E
24
Item F
Item G
$4
Item H
Item I
%24
%24
%24
%24](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F5e3cc97e-a77f-4ac5-9e71-fb8b01208b37%2Fd15e05a8-7959-4c68-8f4f-13432022dcc9%2F4utr9kf_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Estimated selling price
$124
$113
$98
$93
$113
$93
Cost
77
82
82
82
52
37
Cost to complete
31
31
26
36
31
31
Selling costs
10
19
10
21
10
21
Using the LCNRV rule, determine the proper unit value for balance sheet reporting purposes at December 31, 2020, for each of the
inventory items above.
Item D
24
Item E
24
Item F
Item G
$4
Item H
Item I
%24
%24
%24
%24
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