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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. (Round answers to 2 decimal places, e.g. 52.75.)
Cases | |||||||||||
1 | 2 | 3 | 4 | 5 | |||||||
Cost | $14.50 | $15.70 | $15.30 | $15.10 | $13.60 | ||||||
Sales value | 16.80 | 18.40 | 17.10 | 11.10 | 15.20 | ||||||
Estimated cost to complete | 1.80 | 2.00 | 1.70 | 0.80 | 1.00 | ||||||
Estimated cost to sell | 0.50 | 0.70 | 0.59 | 0.30 | 0.60 |
Cases | |||||||||||
1 | 2 | 3 | 4 | 5 | |||||||
Unit inventory price | $ | $ | $ | $ | $ |
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