The following information is taken from Aden Company's records: Product Group Units Cost/Unit Market/Unit A 1 600 $1.10 $0.90 B 1 250 1.50 1.55 C 2 200 4.90 5.15 D 2 100 6.50 6.40 E 3 80 25.00 24.60 Required: What is the correct inventory value if the company applies the LCNRV rule to each of the following? a. Individual items Product A Product B 540 Product C Product D 980 640 Product E 1,968 Total inventory value $ b. Groups of items What is the correct inventory value if the company applies the LCNRV rule to each of the following? a. Individual items Product A 540 Product B Product C Product D Product E 980 640 1,968 Total inventory value b. Groups of items Group 1 Group 2 Group 3 Total inventory value c. The inventory as a whole Total inventory value A 1,630 1,968 4,643

The following information is taken from Aden Company's records: Product Group Units Cost/Unit Market/Unit A 1 600 $1.10 $0.90 B 1 250 1.50 1.55 C 2 200 4.90 5.15 D 2 100 6.50 6.40 E 3 80 25.00 24.60 Required: What is the correct inventory value if the company applies the LCNRV rule to each of the following? a. Individual items Product A Product B 540 Product C Product D 980 640 Product E 1,968 Total inventory value $ b. Groups of items What is the correct inventory value if the company applies the LCNRV rule to each of the following? a. Individual items Product A 540 Product B Product C Product D Product E 980 640 1,968 Total inventory value b. Groups of items Group 1 Group 2 Group 3 Total inventory value c. The inventory as a whole Total inventory value A 1,630 1,968 4,643

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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Product	Group	Units	Cost/Unit	Market/Unit
A	1	600	$1.10	$0.90
B	1	250	1.50	1.55
C	2	200	4.90	5.15
D	2	100	6.50	6.40
E	3	80	25.00	24.60

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