Question Details

Determine the unit value that should be used for inventory costing 



Ex. 1—Lower-of-cost-or-net realizable value.
Determine the proper unit inventory price in the following independent cases by applying the lower of cost or net realizable value rule.  Circle your choice.
		    1		    2		    3		    4		    5	
	Cost	$80	$105	$120	$60	$72
	Sales value	100	130	160	65	80
	Cost to complete	18	19	21	4	6
	Cost to sell	7	10	12	2	5
Ex. 2—Lower-of-cost-or-net realizable value.
Determine the unit value that should be used for inventory costing following "lower-of-cost-or-net realizable value" 
		    A		    B		    C		    D		
Cost	$20		$30		$22		$25		
Sales value	  23		  35		  27		  30		
Cost to complete	    3		    5		    2		    4		
Cost to sell	    2		    2		    1		    2		



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