Backyard Condiments Co. has the following amounts per unit for each of their two condiment products...

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Backyard Condiments Co. has the following amounts per unit for each of their two condiment products on December 31. Normal profit Selling and transportation costs (per unit) Selling price Historical cost Ketchup Mustard $4.50 $5.25 $0.75 $0.25 $3.75 $4.00 $1.00 $0.75 Assume 300 units of ketchup and 200 units of mustard remain. Determine the LCNRV total inventory balance assuming a total inventory-level as of December 31. Please put your answer in bold font. To receive credit, you must show your work (including your numerical comparisons). Backyard Condiments Co. has the following amounts per unit for each of their two condiment products on December 31. Normal profit Selling and transportation costs (per unit) Selling price Historical cost Ketchup Mustard $4.50 $5.25 $0.75 $0.25 $3.75 $4.00 $1.00 $0.75 Assume 300 units of ketchup and 200 units of mustard remain. Determine the LCNRV total inventory balance assuming a total inventory-level as of December 31. Please put your answer in bold font. To receive credit, you must show your work (including your numerical comparisons).

Answer rating: 100% (QA)

All amounts are in LCNRV Lower of Cost or Net Realizable Value All ... View the full answer