Decker Company has five products in its inventory. Information about the December 31, 2016, inventory...
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Accounting
Decker Company has five products in its inventory. Information about the December 31, 2016, inventory follows.
| Product | Quantity | Unit Cost | Unit Selling Price | |||||||
| A | 1,350 | $ | 17 | $ | 24 | |||||
| B | 1,150 | 23 | 24 | |||||||
| C | 1,000 | 3 | 8 | |||||||
| D | 600 | 7 | 6 | |||||||
| E | 1,000 | 20 | 18 | |||||||
|
| ||||||||||
| The cost to sell for each product consists of a 10 percent sales commission. |
| Required: | |||||
| 1. | Determine the book value of inventory at December 31, 2016, assuming the lower of cost and net realizable value rule is applied to individual products. | ||||
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