Assume that Sarasota is a public company using IFRS. Determine the total value of ending inventory using the lower of cost and net realizable value model applied on an individual item basis. Item Neutrinos $ Ocillinos Electrons Protons Total $ LC and NRV Sarasota Corporation has the following four items in its ending inventory: Item Cost Estimated Selling Price Estimated Disposal Costs Neutrinos $ 1,880 $2,160 $107 Ocillinos 4,920 4,820 115 Electrons 4,330 4,665 197 Protons 3,390 4,400 114 3
Assume that Sarasota is a public company using IFRS. Determine the total value of ending inventory using the lower of cost and net realizable value model applied on an individual item basis. Item Neutrinos $ Ocillinos Electrons Protons Total $ LC and NRV Sarasota Corporation has the following four items in its ending inventory: Item Cost Estimated Selling Price Estimated Disposal Costs Neutrinos $ 1,880 $2,160 $107 Ocillinos 4,920 4,820 115 Electrons 4,330 4,665 197 Protons 3,390 4,400 114 3
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Assume that Sarasota is a public company using IFRS. Determine the total value of ending inventory using the lower of cost and
net realizable value model applied on an individual item basis.
Item
Neutrinos
$
Ocillinos
Electrons
Protons
Total
$
LC and NRV
Sarasota Corporation has the following four items in its ending inventory:
Item
Cost
Estimated
Selling Price
Estimated
Disposal Costs
Neutrinos
$ 1,880
$2,160
$107
Ocillinos
4,920
4,820
115
Electrons
4,330
4,665
197
Protons
3,390
4,400
114
3
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