Hirome Corporation has two products in its ending inventory, each accounted for at the lower of...
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Hirome Corporation has two products in its ending inventory, each accounted for at the lower of cost or net realizable value. Specific data with respect to each product follows: Product #1 €60 Product #2 €130 Selling price Historical cost 40 70 Cost to sell 10 26 Cost to complete 15 40 In pricing its ending inventory using the lower-of-cost-or-net realizable value, what unit values should Hirome use for #2? Hirome Corporation has two products in its ending inventory, each accounted for at the lower of cost or net realizable value. Specific data with respect to each product follows: Product #1 €60 Product #2 €130 Selling price Historical cost 40 70 Cost to sell 10 26 Cost to complete 15 40 In pricing its ending inventory using the lower-of-cost-or-net realizable value, what unit values should Hirome use for #2?
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Net realizable value is an important metric used in low cost accounting or market reporting methods ... View the full answer
Related Book For
College Accounting Chapters 1-30
ISBN: 978-1259631115
15th edition
Authors: John Price, M. David Haddock, Michael Farina
Posted Date:
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