Apollo Company provided the following inventory at year- end: Cost NRV P Skis P2,200,000 2,500,000 Boots |1,700,000 1,500,000 Ski equipment 700,000 800,000 Ski apparel 400,000 500,000 What amount should be reported as inventory at year-end? O P5,300,000 O P5,000,000 O P4,800,000 O P5,200,000
Apollo Company provided the following inventory at year- end: Cost NRV P Skis P2,200,000 2,500,000 Boots |1,700,000 1,500,000 Ski equipment 700,000 800,000 Ski apparel 400,000 500,000 What amount should be reported as inventory at year-end? O P5,300,000 O P5,000,000 O P4,800,000 O P5,200,000
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 6MCQ: Refer to the information for Morgan Inc. above. If Morgan uses a perpetual inventory system, what is...
Related questions
Question
![Apollo Company provided the following inventory at year-
end:
Cost
NRV
Skis
P2,200,000
2,500,000
Boots
1,700,000 1,500,000
Ski
equipment 700,000
800,000
Ski
apparel
400,000
500,000
What amount should be reported as inventory at year-end?
O P5,300,000
O P5,000,000
P4,800,000
P5,200,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fda495154-4f31-4ddf-98b2-00be9a7ee885%2F42a477d2-0513-4ffc-8471-b6c8f5198a39%2Fletvdbr_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Apollo Company provided the following inventory at year-
end:
Cost
NRV
Skis
P2,200,000
2,500,000
Boots
1,700,000 1,500,000
Ski
equipment 700,000
800,000
Ski
apparel
400,000
500,000
What amount should be reported as inventory at year-end?
O P5,300,000
O P5,000,000
P4,800,000
P5,200,000
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
![Cornerstones of Financial Accounting](https://www.bartleby.com/isbn_cover_images/9781337690881/9781337690881_smallCoverImage.gif)
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
![Financial Accounting](https://www.bartleby.com/isbn_cover_images/9781305088436/9781305088436_smallCoverImage.gif)
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning
![Cornerstones of Financial Accounting](https://www.bartleby.com/isbn_cover_images/9781337690881/9781337690881_smallCoverImage.gif)
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
![Financial Accounting](https://www.bartleby.com/isbn_cover_images/9781305088436/9781305088436_smallCoverImage.gif)
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning
![Financial And Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781337902663/9781337902663_smallCoverImage.jpg)
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
![Financial Accounting](https://www.bartleby.com/isbn_cover_images/9781337272124/9781337272124_smallCoverImage.gif)
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
![Intermediate Accounting: Reporting And Analysis](https://www.bartleby.com/isbn_cover_images/9781337788281/9781337788281_smallCoverImage.jpg)
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning