BKAR2023 FINANCIAL ACCOUNTING AND REPORTING II Please answer Not in handwriting as soon as possible,...
60.1K
Verified Solution
Link Copied!
Question
Accounting
BKAR2023 FINANCIAL ACCOUNTING AND REPORTING II Please answer Not in handwriting as soon as possible, (thanks in advance)
ExcelPro Bhd is a company that manufactures and distributes electrical home appliances across Malaysia and exports to over 20 countries worldwide. The company offers products that include a variety of general fans and small kitchen appliances, then it has a variety of inventories. ExcelPro follows the practice of valuing inventory at the Lower of Cost or Net Realizable Value (LCNRV). The following information is available from the companys inventory records as of 31 December 2020.
Item Quantity Cost per Unit (RM) Estimated selling Price/ Unit (RM) Completion and Selling Cost /Unit Vacuum Cleaner 300 215.00 201.90 4.60 Multi Cooker 550 108.00 196.90 8.80 Wall Fan 800 98.00 80.80 11.60 Electric Oven 230 210.00 156.70 5.70 Air Fryer 420 232.00 293.50 3.50
REQUIRED:(a) Calculate the LCNRV using the individual-item approach.
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
