Question

Silvia Company has two products with cost and selling prices as follows: At year-end, the manufacture...

Silvia Company has two products with cost and selling prices as follows:

At year-end, the manufacture of inventory has been completed but no selling cost has been incurred

Product X Product Y
Selling Price 2,000,000 3,000,000
Estimated Selling Cost 600,000 700,000
Materials and Conversion Cost 1,500,000 1,800,000
General Administration Cost 300,000 800,000

1. Under the LCNRV by individual item, the inventory shall be measured at what amount?

2. Under the LCNRV by total, the inventory shall be measured at what amount?

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