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In some instances, accounting principles require a departure from valuing inventories at cost alone. Determine the proper unit inventory price in the following cases using
In some instances, accounting principles require a departure from valuing inventories at cost alone. Determine the proper unit inventory price in the following cases using LCNRV.
| Cases | |||||||||||
| 1 | 2 | 3 | 4 | 5 | |||||||
| Cost | $15.90 | $14.00 | $16.10 | $16.30 | $15.60 | ||||||
| Sales value | 16.40 | 19.20 | 14.20 | 10.10 | 20.20 | ||||||
| Estimated cost to complete | 1.60 | 1.60 | 1.52 | 0.80 | 1.00 | ||||||
| Estimated cost to sell | 0.50 | 0.80 | 0.49 | 0.40 | 0.60 | ||||||
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Managerial Accounting
Authors: McGraw Hill Education
14th Edition
1121182518, 978-1121182516
