(LCNRV): Sedato Com. follows the practice of pricing its inventory at LCNRV, on an individual item basis.

Item No.	Quantity	Cost per Unit	Estimated Selling Price	Cost to Complete and Sell
1320	1200	$3.20	$4.50	$1.60
1333	900	2.70	3.40	1
1426	800	4.50	5	1.40
1437	1000	3.60	3.20	1.35
1510	700	2.25	3.25	1.40
1522	500	3	3.90	0.80
1573	3000	1.80	2.50	1.20
1626	1000	4.70	6	1.50

Prepare Journal Entry using both the loss method & cost-of-goods-sold method.

Answer rating: 100% (QA)

A B D E F G Item No Quantity Cost Per unit Estimated Sellng Price Cost to Complete and sell per unit ... View the full answer