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Vaughn Company uses the LCNRV method, on an individual-item basis, in pricing its inventory items. The inventory at Dece
Posted: Sun Jul 03, 2022 1:30 pm
by answerhappygod
- Vaughn Company Uses The Lcnrv Method On An Individual Item Basis In Pricing Its Inventory Items The Inventory At Dece 1 (67.58 KiB) Viewed 16 times
Vaughn
Company uses the LCNRV method, on an individual-item basis, in pricing its inventory items. The inventory at December 31, 2020, consists of products D, E, F, G, H, and I. Relevant per unit data for these products appear below. Estimated selling price Cost Cost to complete Selling costs Item D Item E Item F Item G Item H Item I $ $ $ $ $ Item D $ $139 87 35 12 Item E $128 93 35 21 Item F $110 93 29 12 Item G $104 93 Using the LCNRV rule, determine the proper unit value for balance sheet reporting purposes at December 31, 2020, for each of the inventory items above. 41 23 Item H $128 58 35 12 Item I $104 42 35 23