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Question 1 - Bezoth Company provided the following information during the year:
Materials and conversion cost
Product 1 - 3M
Product 2 - 3.6M
Estimated selling price
Product 1 - 4M
Product 2 - 6M
Estimated selling cost
Product 1 - 1.2M
Product 2 - 1.4M
General administration cost
Product 1 - 0.6M
Product 2 - 1.6M
Normal profit margin on sales
Product 1 - 1M
Product 2 - 1.5M
At year-end, the manufacture of the products has been completed but no selling cost has yet been incurred.
1. What amount should be reported as ending inventory using the LCNRV individual approach?
2. What amount should be reported as ending inventory using the LCNRV total approach?
Question 2 - CNR Co. reported the following information for 2021 in millions: Inventory, beg. - 5.0; Purchases - 26.0; Freight in - 2.0; Purchase returns and allowances - 3.5; Purchase discounts - 1.5; Sales - 40.0; Sales returns - 3.0; Sales discounts - 1.0. A physical inventory taken on December 31 of the same year resulted in an ending inventory of 4M. Unsold goods out on consignment with selling price of 1M are in the hands of a consignee. The gross profit was 40% on sales. On year end, what is the estimated cost of inventory shortage?
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