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Aleonysh [2.5K]
3 years ago
8

Kingbird Company uses the LCNRV method, on an individual-item basis, in pricing its inventory items. The inventory at December 3

1, 2020, consists of products D, E, F, G, H, and I. Relevant per unit data for these products appear below. Item D Item E Item F Item G Item H Item I Estimated selling price $146 $134 $116 $110 $134 $110 Cost 92 98 98 98 61 44 Cost to complete 37 37 31 43 37 37 Selling costs 12 22 12 24 12 24.Using the LCNRV rule, determine the proper unit value for statement of financial position reporting purposes at December 31, 2014, for each of the inventory items above.

Business
1 answer:
hodyreva [135]3 years ago
5 0

Explanation:

As we know that the inventory should be recorded at the lower cost or net realizable value whichever is lower

And, the same is shown on the attachment which is attached below:

The net realizable value for each products is computed by

= D - C - E

The DCE are the rows of the attached spreadsheet

And, the proper unit value for each products is as follows

Product        Lower of cost or NRV  

D                  92

E                   75

F                   73

G                  43

H                  61

I                    44

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$313,288.16

Explanation:

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present value can be calculated using a financial calculator

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Present value = $313,288.16

To find the PV using a financial calculator:

1. Input the cash flow values by pressing the CF button. After inputting the value, press enter and the arrow facing a downward direction.

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3 years ago
At the beginning of the period, the Assembly Department budgeted direct labor of $110,000, direct materials of $170,000, and fix
Scorpion4ik [409]

Answer:

Total cost= $385,000

Explanation:

Giving the following information:

Assembly Department budgeted direct labor of $110,000, direct materials of $170,000, and fixed factory overhead of $28,000 for 8,000 hours of production.

First, we need to calculate the unitary hourly rate for the department:

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3 years ago
The firm receives an average of $20,000 in checks per day. The weighted average delay in clearing the checks received is 3 days.
katrin [286]

Answer:

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