Lagreca company uses the lcnrv method, on an individual-item basis, in pricing its inventory items. the inventory at december 31, 2017, included product x. relevant per-unit data for product x are as follows.
estimated selling price $50
cost 40
estimated selling costs 14
normal profit 9
there were 1,000 units of product x on hand at december 31, 2017. product x was incorrectly valued at $38 per unit for reporting purposes. all 1,000 units were sold in 2018.
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