Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

Vaughn Company follows the practice of pricing its inventory at LCNRV, on an individual-item basis. Item No. Quantity Cost per Unit Estimated Selling Price Cost

Vaughn Company follows the practice of pricing its inventory at LCNRV, on an individual-item basis.

Item No.

Quantity

Cost per Unit

Estimated Selling Price

Cost to Complete and Sell

1320

1,900 $3.68 $5.18 $1.84

1333

1,600 3.11 3.91 1.15

1426

1,500 5.18 5.75 1.61

1437

1,700 4.14 3.68 1.55

1510

1,400 2.59 3.74 1.61

1522

1,200 3.45 4.49 0.92

1573

3,700 2.07 2.88 1.38

1626

1,700 5.41 6.90 1.73

From the information above, determine the amount of Vaughn Company inventory.

The amount of Vaughn Companys inventory $enter The amount of Vaughn Companys inventory in dollars

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

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

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

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

Get Started

Students also viewed these Accounting questions