Question

Question 6 Riegel Company uses the LCNRV method, on an individual-item basis, in pricing its inventory items. The inventory at December 31, 2020, consists of products D, E, F, G, H, and I. Relevant per unit data for these products appear below. Item D $120 Estimated selling price Cost Cost to complete Selling costs Item E $110 80 30 75 30 Item F $95 80 25 10 Item G $90 80 35 20 Item H $110 50 30 10 Item I $90 36 30 20 18 20 R Using the LCNRV rule, determine the proper unit value for balance sheet reporting purposes at December 31, 2020, for each of the inventory items above. Item D $enter a dollar amount Item E $enter a dollar amount Item F $enter a dollar amount. Item G $enter a dollar amount Item H $enter a dollar amount Item I $enter a dollar amount

Answer 1

Answer :- Ileng Ilem i Item I Item D Item € Item F $110 $90 $90 $95 $uo $ 120 Estimated selling price (a) cost to complete 20) selling costs $35 $70 $40 $62 $60 Net Redlisable value $80 80 $80 cost $ $ 80 75 $35 $50 $36 $60 $62 $75 Inventory as on December 31,2020 (lower of cost Net Realisable Valur = x =