Solution-What amount should be reported as inventory

What amount should be reported as inventory

Reference no: EM133186776

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?

Reference no: EM133186776

Questions Cloud

Understanding of sport and gender in society : Many contact sports, such as tackle football in the United States, are seen as some of the last bastions of masculinity.

What is the total cost of the equipment : Estimated dismantling cost that may be incurred upon retirement 300,000 - What is the total cost of the equipment

Calculate the present value of the salary differential : Calculate the present value of the salary differential for completing the certification program. Subtract the cost of the program to get the NPV

Providing Financial Analysis and Calculation for All Parts : In 2021, the revenues totaled $428,600 and expenses were $181,300. Please Help by providing Financial Analysis and Calculation for All the Parts

What amount should be reported as inventory : The manufacture of items of inventory has been completed but no selling costs have yet been incurred. What amount should be reported as inventory

Calculate Margaret severance pay : Margaret is employed in Ontario by a manufacturing company whose Ontario annual payroll is $5,250,000.00. Calculate Margaret severance pay

Prepare all necessary entries until repayment of the grant : The grant has a fair value of P 500,000. Prepare all necessary entries on 2022 until the repayment of the grant

Determine cash flows from investing activities : Equipment with a book value of $65,300 and an original cost of $133,000 was sold at a loss of $14,000. Determine cash flows from investing activities

How do you define deviance-norms and values : How do you define deviance, norms, and values? Give an example of each concept. How are crime and social justice related to each of these concepts?

User Account

All Pages

What amount should be reported as inventory

Reference no: EM133186776

Reference no: EM133186776

Questions Cloud

Reviews

Write a Review

Accounting Basics Questions & Answers

Make the necessary adjusting entries at year-end

Discuss implementing an operating and database system

What were the actual direct labor hours worked

Transfer of title to inventory

Discuss what will be the realized gain loss

Estimating the cost minimization

Amount of the semi-annual interest expense

What is the multifactor productivity for jim company

Prepares financial statements on a quarterly basis

How much of their contributions are deductible

What is the total allowable interest deduction on Schedule

What is the break-even point in dollars

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT