1 answer

Herman Company has three products in its ending inventory. Specific per unit data at the end...

Question:

Herman Company has three products in its ending inventory. Specific per unit data at the end of the year for each of the prod

Herman Company has three products in its ending inventory. Specific per unit data at the end of the year for each of the products are as follows: Product 1 $28 Cost Selling price Costs to sell Product 2 $ 98 144 56 Product 3 $58 94 18 64 8 Required: What unit values should Herman use for each of its products when applying the lower of cost or net realizable value (LCNRV) rule to ending inventory? Product Cost NRV Per Unit Inventory Value 2

Answers

Product Cost

NRV

[ Selling price - Costs to sell ]

Per unit Inventory Value

[ Lower of cost or NRV ]

1

28

56

[ 64 - 8 ]

28

2

98

88

[ 144 - 56 ]

88

3

58

76

[ 94 - 18 ]

58

.

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