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Question - Chua Company has two products in the inventory.
Product R
Product S
Selling price
2,000,000
3,000,000
Materials and conversion costs
1,600,000
1,700,000
General administrative costs
300,000
800,000
Estimated selling costs
600,000
700,000
At the year-end, the manufacture of items of inventory has been completed but no selling costs have yet been incurred.
Required -
1. What amount should be reported as inventory using the LCNRV individual approach?
2. What amount should be reported as inventory using the LCNRV total approach?
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