Cullumber Company manufactures desks. Most of the companys desks are standard models and are sold...
80.2K
Verified Solution
Link Copied!
Question
Accounting
Cullumber Company manufactures desks. Most of the companys desks are standard models and are sold on the basis of catalog prices. At December 31, 2020, the following finished desks (10 desks in each category) appear in the companys inventory.
Finished Desks
A
B
C
D
2020 catalog selling price
$53
$56
$105
$123
FIFO cost per inventory list 12/31/20
55
53
97
112
Estimated cost to complete and sell
6
13
30
23
2021 catalog selling price
59
63
105
140
The 2020 catalog was in effect through November 2020, and the 2021 catalog is effective as of December 1; catalog prices are net of the usual discounts. At what amount should each of the four desks appear in the companys December 31, 2020, inventory, assuming that the company has adopted a lower-of-FIFO-cost-or-net realizable value (LCNRV) approach for valuation of inventories on an individual-item basis?
Item A
$enter a dollar amount
Item B
$enter a dollar amount
Item C
$enter a dollar amount
Item D
$enter a dollar amount
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!
