3. Duncan Company sells lumber. Inventory cost data per 1,000 böard are as follows: Item Quantity on hand Original cost Net realized value Plywood 21 $ 450 350 Maple 23 $1,000 1,850 Pine 38 $ 700 650 Redwood 16 $1,600 1,700 (1) By what amount, if any, should each item (considered separately) be written down? (2) Make the appropriate journal entry (or entries): a. Assuming that each inventory item is considered separately. b. Assuming that lower-of-cost-or-net-realizable-value method is applied to total inventory.

3. Duncan Company sells lumber. Inventory cost data per 1,000 böard are as follows: Item Quantity on hand Original cost Net realized value Plywood 21 $ 450 350 Maple 23 $1,000 1,850 Pine 38 $ 700 650 Redwood 16 $1,600 1,700 (1) By what amount, if any, should each item (considered separately) be written down? (2) Make the appropriate journal entry (or entries): a. Assuming that each inventory item is considered separately. b. Assuming that lower-of-cost-or-net-realizable-value method is applied to total inventory.

Name: Do not give solution in image 3. Duncan Company sells lumber. Inventor
Uploaded: 2024-03-20T06:32:37.000Z
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Description: Do not give solution in image 3. Duncan Company sells lumber. Inventory cost data per 1,000 board feet of lumber for Duncan Companyare as follows:ItemQuantity on handOriginal costNet realized valuePlywood21$ 450350Maple23$ 1,0001,850Pine38$ 700650Red

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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