question archive Chicago Company has two products in the inventory
Chicago Company has two products in the inventory
Subject:AccountingPrice: Bought3
Chicago Company has two products in the inventory. Product X Product Y Selling price 2,000,000 3,000,000 Materials and conversion costs 1,500,000 1,800,000 General administration costs 300,000 800,000 Estimated selling costs 600,000 700,000 At year-end, the manufacture of items of inventory has been completed but NO selling costs have yet been incurred. 2. What amount should be reported as inventory using the LCNRV individual approach? 3. Using the LCNRV total approach?
