21. A company has two pieces of Inventory, A and B. Inventory A cost the company P40 per unit and can now be sold for P60 per unit after incurring P15 in selling expenses per unit. It has a replacement cost of P35 per unit and a normal profit of P4 per unit. Inventory B cost the company P52 per unit and can now be sold for P63 per unit after the incurring P15 in selling expenses per unit and a normal profit of P4 per unit. If the company uses the retail method to value its inventory, how much should be reported on the balance sheet for these items? а. 90 b. 89 c. 86 d. 88

21. A company has two pieces of Inventory, A and B. Inventory A cost the company P40 per unit and can now be sold for P60 per unit after incurring P15 in selling expenses per unit. It has a replacement cost of P35 per unit and a normal profit of P4 per unit. Inventory B cost the company P52 per unit and can now be sold for P63 per unit after the incurring P15 in selling expenses per unit and a normal profit of P4 per unit. If the company uses the retail method to value its inventory, how much should be reported on the balance sheet for these items? а. 90 b. 89 c. 86 d. 88

Name: 21. A company has two pieces of Inventory, A and B. Inventory A cost
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Description: 21. A company has two pieces of Inventory, A and B. Inventory A cost the company P40per unit and can now be sold for P60 per unit after incurring P15 in selling expenses perunit. It has a replacement cost of P35 per unit and a normal profit of P4 pe

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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