Riegel Company uses the LCNRV method, on an individual-item basis, in pricing its inventory items. The inventory
Question:
Instructions
Using the LCNRV rule, determine the proper unit value for statement of financial position reporting purposes at December 31, 2019, for each of the inventory items above.
Transcribed Image Text:
Item D Item E Item F Item G Item H Item I Estimated selling price €120 €110 €110 €90 €95 €90 75 75 50 36 Cost 80 80 80 30 Cost to complete Selling costs 30 25 30 35 30 30 20 10 18 10 10 20
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 66% (12 reviews)
Item Net Realizable Value Cost LCNRV D 80 75 ...View the full answer
Answered By
Charles mwangi
I am a postgraduate in chemistry (Industrial chemistry with management),with writing experience for more than 3 years.I have specialized in content development,questions,term papers and assignments.Majoring in chemistry,information science,management,human resource management,accounting,business law,marketing,psychology,excl expert ,education and engineering.I have tutored in other different platforms where my DNA includes three key aspects i.e,quality papers,timely and free from any academic malpractices.I frequently engage clients in each and every step to ensure quality service delivery.This is to ensure sustainability of the tutoring aspects as well as the credibility of the platform.
4.30+
2+ Reviews
10+ Question Solved
Related Book For
Intermediate Accounting IFRS
ISBN: 978-1119372936
3rd edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
Question Posted:
Students also viewed these Managerial Accounting questions
-
Janina inherited 100 000 Polish zlotich (PLN) from her grandmother, and wants to deposit them in her US bank account. She has obtained the following indirect bid-ask rates: 3.8914 3.8901. How many...
-
Lower-of-Cost-or-Market Riegel Company uses the lower-of-cost-or-market method, on an individual-item basis, in pricing its inventory items. The inventory at December 31, 2011, consists of products...
-
Bora Company uses the LCNRV method to evaluate inventory for financial reporting purposes. Information related to inventory at December 31, 2020 appears below. Required a) Determine the correct value...
-
In Exercises, analyze and sketch a graph of the function. Label any intercepts, relative extrema, points of inflection, and asymptotes. Use a graphing utility to verify your results. f(x)=x16 - x
-
Determine whether the 20-lb block shown is in equilibrium, and find the magnitude and direction of the friction force when P = 8 lb and = 20. 4= 0.30 A= 0.25 P. 20
-
What are the advantages of systematic sampling over simple random sampling?
-
Reciprocating pump is started with the delivery valve (a) closed (b) open (c) 50% open (d) partially open
-
In each of the following, identify which of the elements of the fundamental principles is most applicable. In addition, discuss what action(s) (if any) you believe auditors should take with respect...
-
Two electric motors (A and B) are being considered to drive a centrifugal pump. Each motor is capable of delivering 50 horsepower (output) to the pumping operation. It is expected that the motors...
-
Determine taxable income in each of the following independent cases. In all cases, the company was very profitable in all years prior to 2017 and it had retained earnings of $1,000,000 at the end of...
-
You are called by Yao Ming of Rocket Ltd. on July 16 and asked to prepare a claim for insurance as a result of a theft that took place the night before. You suggest that an inventory be taken...
-
Presented below is information related to Luzon SA. Instructions a. Compute the ending inventory at retail. b. Compute a cost-to-retail percentage (round to two decimals) under the following...
-
The tip of a scanning tunneling microscope can be used to move atoms on a surface. The movement of atoms and ions depends on their ability to leave one position and stick to another, and therefore on...
-
Question 1 Draw a labor-leisure diagram with leisure on the horizontal axis, and earnings on the vertical axis, assuming the maximum hours of labor or leisure equals 4000 hours a year. Draw a budget...
-
Ziegler Inc. has decided to use the high-low method to estimate the total cost and the fixed and variable cost components of the total cost. The data for various levels of production are as follows:...
-
See the below data: Respondent Gender Height Weight Age 1 F 63.30 156.30 Less than 18 years 2 F 57.00 100.70 Less than 18 years 3 M 63.00 156.30 Less than 18 years 4 M 71.00 237.10 Less than 18 years...
-
You deposit $480 each week into an account earning 3.7% interest compounded weekly. Use the TVM Solver on the TI calculator. Round to the nearest cent (two decimal places). a) How much will have...
-
Let L: R4 R be a linear transformation for which L(4) = 0. Let H be the hyperplane determined by w = 0 (the variables we use in R are x, y, z, w). Prove using the definition that the subset L(H) R is...
-
In 2017, voters in Santa Fe, New Mexico, rejected a proposed tax on sugary drinks that would have raised soft drink prices by 2 cents per ounce. A Santa Fe newspaper reported that in a lower-income...
-
Organizations are increasing their use of personality tests to screen job applicants. What are some of the advantages and disadvantages of this approach? What can managers do to avoid some of the...
-
Armadillo Limited has two classes of shares outstanding: preferred ($6 dividend) and common. At December 31, 2011, the following accounts and balances were included in shareholders equity: Preferred...
-
Original Octave Inc. (OOI) is a widely held, publicly traded company that designs equipment for tuning musical instruments. Information pertaining to its shareholders equity is as follows. The...
-
Hessenland Corporation had the following shareholders equity at January 1, 2012. Preferred shares, 8%, $100 par value, 10,000 shares authorized, 4,000 shares issued................... $ 400,000...
-
Martin Company applies manufacturing overhead based on direct labor hours. Information concerning manufacturing overhead and labor for the year is as follows: Actual manufacturing overhead Estimated...
-
$ 719,000 280,000 439,000 150,400 Joyner Company's income statement for Year 2 follows: Sales Cost of goods sold Gross margin Selling and administrative expenses Net operating income Nonoperating...
-
FIFO and LIFO costs under perpetual inventory system The following units of an item were available for sale during the year: Beginning inventory 22 units at $44 Sale 18 units at $62 First purchase 18...
Study smarter with the SolutionInn App