ACME Company purchases for resale 1,000 widgets for $64 each. At year-end, the replacementcost is $63 per widget, the estimated selling price is $68 per widget, the disposal cost is $7 perwidget, and the estimated markup is $10 per widget.If ACME uses LCM costing by item, at what amount will the widgets be reported on the balancesheet?a. $63,000b. $51,000c. $64,000d. $62,500e. $61,000

Cost of the inventory = ($64 per widget) Replacement cost = ($63 per widget) Net realizable value…

Answered: ACME Company purchases for resale 1,000…

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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ACME Company purchases for resale 1,000 widgets for $64 each. At year- end, the replacement cost is $63 per widget, the estimated selling price is $68 per widget, the disposal cost is $7 per widget, and the estimated markup is $10 per widget.[General Account] If ACME uses LCM costing by item, at what amount will the widgets be reported on the balance sheet? a. $63,000 b. $51,000 c. $64,000 d. $62,500 e. $61,000
What amount will the gedgets be reported on the balance sheet for this general accounting question?
ACME company's financial account details
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