The inventory of Royal Decking consisted of five products. Information about the December 31, 2018, inventory is as follows: Per Unit Product Cost Selling Price A $ 200 $ 220 B 240 260 C 120 240 D 160 300 E 100 140 Costs to sell consist of a sales commission equal to 10% of selling price and shipping costs equal to 5% of cost. Required: What unit value should Royal Decking use for each of its products when applying the lower of cost or net realizable value (LCNRV) rule to units of ending inventory
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Ответ:
Explanation:
Selling Price Commission Shipping NRV Cost
A 220 220*10% = 22 200*5% = 10 (220-22-10) 188 200
B 260 260*10%=26 240*5%=12 (260-26-12) 222 240
C 240 240*10%=24 120*5%=6 (240-24-6) 210 120
D 300 300*10%=30 160*5%=8 (300-30-8) 262 160
E 140 140*10%= 14 100*5%=5 (140-14-5) 121 100
Therefore ,the unit inventory valuation at lower of cost or net realizable value =
Products Valuation
A 188
B 222
C 120
D 160
E 100
Ответ:
The answer is 42