Lower-of-Cost-or-Net Realizable Value Method The following data refer to the Ian Company’s ending inventory: Item Code Quantity Unit Cost Net Realizable Value ABX 80 $50 $55 TYG 200 38 42 JIL 175 28 24 GGH 90 44 38 Calculate the value of the company’s ending inventory by using the lower-of-cost-or-net realizable value applied to each item of inventory. Ending inventory computed by applying the lower-of-cost-or-net realizable value to each item of inventory is $Answer
Lower-of-Cost-or-Net Realizable Value Method The following data refer to the Ian Company’s ending inventory: Item Code Quantity Unit Cost Net Realizable Value ABX 80 $50 $55 TYG 200 38 42 JIL 175 28 24 GGH 90 44 38 Calculate the value of the company’s ending inventory by using the lower-of-cost-or-net realizable value applied to each item of inventory. Ending inventory computed by applying the lower-of-cost-or-net realizable value to each item of inventory is $Answer
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter8: Inventories: Special Valuation Issues
Section: Chapter Questions
Problem 3E: Inventory Write-Down Byron Company has five products in its inventory and uses the FIFO cost flow...
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Lower-of-Cost-or-Net Realizable Value Method
The following data refer to the Ian Company’s ending inventory:
Item Code |
Quantity |
Unit Cost |
Net Realizable Value |
|---|---|---|---|
| ABX | 80 | $50 | $55 |
| TYG | 200 | 38 | 42 |
| JIL | 175 | 28 | 24 |
| GGH | 90 | 44 | 38 |
Calculate the value of the company’s ending inventory by using the lower-of-cost-or-net realizable value applied to each item of inventory.
Ending inventory computed by applying the lower-of-cost-or-net realizable value to each item of inventory is $Answer
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