Question
X Ltd uses the LCNRV method, on an individual-item basis, in pricing its inventory items. The inventory at December 31, 2011, consists of products D,
X Ltd uses the LCNRV method, on an individual-item basis, in pricing its inventory items. The
inventory at December 31, 2011, consists of products D, E and G, Relevant per-unit data for these
products appear below.
Required:
a. Calculate NRV (Net realizable value) for each item.
b. Determine unit value using the LCNRV rule.
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Financial Accounting And Reporting
Authors: Barry Elliott, Jamie Elliott
5th Edition
0273651560, 978-0273651567
