(Answered) Problem - pinkel company uses the lcnrv method on an

Accounting

Problem - Pinkel Company uses the LCNRV method, on an individual-item basis, in pricing its inventory items. The inventory at December 31, 2011, consists of products D and E, Relavant per-unit data for these products appear below.

Item Item

D E

Estimated selling price €180 €165

Cost 110 120

Cost to complete 45 45

Selling costs 15 27

Instructions - Using the LCNRV rule, determine the proper unit value for statement of financial position reporting purposes at December 31, 2011, for each of the inventory items above.

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