Problem - Pinkel Company uses the LCNRV method, on an individual-item basis, in pricing its inventory items. The inventory at December 31, 2011, consists of products D and E, Relavant per-unit data for these products appear below.
Item Item
D E
Estimated selling price €180 €165
Cost 110 120
Cost to complete 45 45
Selling costs 15 27
Instructions - Using the LCNRV rule, determine the proper unit value for statement of financial position reporting purposes at December 31, 2011, for each of the inventory items above.