What is the amount of Inventory to be presented at the Balance Sheet date using the LCNRV Individual approach? Georgio Corporation has the following data as of December 31, 2021.Product CProduct DUnits Produced10,00015,000Beg. InventoryUnits Sold4,0003,00011,000Total Manufacturing CostGeneral and Administration CostEstimated Selling CostSelling Price15,0003,000,000800,000P80 per unitP275 per unit2,000,000300,000P60 per unitP275 per unitAt the year end, the manufacture items of inventory have been completed, but no selling cost has yet beenincurred. Beginning inventory has the following cost:Product C- P800,000Product D- P600,000Georgio observed FIFO method of costing for their inventory. What is the amount of Inventory to bepresented at the Balance Sheet date using the LCNRV Individual approach?

Name: What is the amount of Inventory to be presented at the Balance Sheet d
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Description: What is the amount of Inventory to be presented at the Balance Sheet date using the LCNRV Individual approach? Georgio Corporation has the following data as of December 31, 2021.Product CProduct DUnits Produced10,00015,000Beg. InventoryUnits Sold4,00

Solution Concept FIFO method : Under this method the goods in opening inventory is sold first LCNRV…

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Business

Accounting

What is the amount of Inventory to be presented at the Balance Sheet date using the LCNRV Individual approach?

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter12: Differential Analysis And Product Pricing

Section: Chapter Questions

Problem 12.16E: Product cost concept of product pricing Based on the data presented in Exercise 12-15, assume that...

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