Business, 06.04.2021 02:30 kenishajohnson116

Byron Company has five products in its inventory and uses the FIFO cost flow assumption. Specific data for each product are as follows: Product Cost Selling Price Estimated Cost of Disposal
A $90,000 $150,000 $20,000
B 110,000 120,000 15,000
C 60,000 70,000 5,000
D 100,000 115,000 5,000
E 105,000 110,000 8,000
Required:
1. What is the correct inventory value, assuming the LCNRV rule is applied to each item of inventory?
Product Inventory Value
A
B
C
D
E
Total $
2. What is the correct inventory value, assuming the LCNRV rule is applied to the total of inventory?

Answers: 1

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Byron Company has five products in its inventory and uses the FIFO cost flow assumption. Specific da...