Intermediate Accounting $1-$Assignment $10$

Chapter $8$

Question $1(8$ marks$)$

Unit costs of the principle product sold by TGF Auto Parts Lid. at the end of several successive accounting periods are shown in the top line of amounts below. Different units are in stock each period $($none carried over$).$ Beneath the actual cost figures are the anticipated selling prices and replacement costs of the product. Distribution costs average $$12$ per unit and sales commissions have averaged $10$ percent of sales prices.

$\backslash$table$[[,$Year $1,$Year $2,$Year $3,$Year $4],[$Actual Cost,$$130,$$$150,$$$156,$$$152],[$Sales Price,$160,160,180,180],[$Replacement Cost,$150,150,154,146]]$

Required

Applying the LCNRV$,$ determine the unit inventory value for each year.