Blossom Company sells three different categories of tools (small, medium, and large). The cost and net realizable value of its inventory of tools are as follows. Cost Net Realizable Value Small $63,300 $59,600 Medium 289,600 261,000 Large 151,300 172,500 Determine the value of the company's inventory under the lower-of-cost-or-net realizable value approach. Total inventory value $
Blossom Company sells three different categories of tools (small, medium, and large). The cost and net realizable value of its inventory of tools are as follows. Cost Net Realizable Value Small $63,300 $59,600 Medium 289,600 261,000 Large 151,300 172,500 Determine the value of the company's inventory under the lower-of-cost-or-net realizable value approach. Total inventory value $
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Blossom Company sells three different categories of tools (small, medium, and large). The cost and net realizable value of its inventory
of tools are as follows.
Net Realizable
Cost
Value
Small
$63,300
$59,600
Medium
289,600
261,000
Large
151,300
172,500
Determine the value of the company's inventory under the lower-of-cost-or-net realizable value approach.
Total inventory value
$](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff274380b-eba8-42b0-bb42-fd5525ca9ffb%2Fe6a53994-dc2e-4ad8-8d59-832b9c71129b%2Fib4whyv_processed.png&w=3840&q=75)
Transcribed Image Text:Blossom Company sells three different categories of tools (small, medium, and large). The cost and net realizable value of its inventory
of tools are as follows.
Net Realizable
Cost
Value
Small
$63,300
$59,600
Medium
289,600
261,000
Large
151,300
172,500
Determine the value of the company's inventory under the lower-of-cost-or-net realizable value approach.
Total inventory value
$
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