Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I Have the right answers for Cost and Replacement cost. I can't find the answer for the rest. Thank you! The inventory of Royal Decking

image text in transcribedI Have the right answers for Cost and Replacement cost. I can't find the answer for the rest. Thank you!

The inventory of Royal Decking consisted of five products. Information about the December 31, 2018, inventory is as follows: Product Cost Per Unit Replacement Cost $ 37 $ 42 72 MUA Selling Price $ 62 102 82 132 42 57 102 Selling costs consist of a sales commission equal to 10% of selling price and shipping costs equal to 5% of cost. The normal gross profit percentage is 20% of selling price. Required: What unit value should Royal Decking use for each of its products when applying the lower of cost or market (LCM) rule to units of ending inventory? (Do not round intermediate calculations. Round final answers to 2 decimal places.) nces Product Cost Replacement cost NRV NRV - NP Per Unit Market Inventory Value $ 18.80 $ $ 37 $ 18.80 A B 721 42 82 42 102 22 57 55.80 68.70 33.70 85.70 18.20 72 E 30

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Food Hygiene Auditing

Authors: N. Chesworth

1997th Edition

1461380545, 978-1461380542

More Books

Students also viewed these Accounting questions

Question

How can a field of study be evaluated?

Answered: 1 week ago

Question

Draw a labelled diagram of the Dicot stem.

Answered: 1 week ago