Business, 21.12.2019 05:31 brainBoy480
Oriole company uses the lcnrv method, on an individual-item basis, in pricing its inventory items. the inventory at december 31, 2020, included product x. relevant per-unit data for product x are as follows. estimated selling price $53 cost 42 estimated selling costs 15 normal profit 8 there were 1,070 units of product x on hand at december 31, 2020. product x was incorrectly valued at $44 per unit for reporting purposes. all 1,070 units were sold in 2021. compute the effect of this error on net income for 2020 and the effect on net income for 2021, and indicate the direction of the misstatement for each year.
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Oriole company uses the lcnrv method, on an individual-item basis, in pricing its inventory items. t...
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