Bonita Company developed the following information about its inventories in applying the lower-of-cost-or-net realizable value(LCNRV) basis in valuing inventories:NetProduct Cost Realizable ValueABC$11100085000160000$126000$351000.O $356000.O $376000.O $371000.80000165000If Bonita applies the LCNRV basis, the value of the inventory reported on the balance sheet would be

Name: Bonita Company developed the following information about its inventor
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Description: Bonita Company developed the following information about its inventories in applying the lower-of-cost-or-net realizable value(LCNRV) basis in valuing inventories:NetProduct Cost Realizable ValueABC$11100085000160000$126000$351000.O $356000.O $37600

Inventories should be valued at lower of cost and net realisable value. If item by item cost and…

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Accounting

Bonita Company developed the following information about its inventories in applying the lower-of-cost-or-net realizable value (LCNRV) basis in valuing inventories: Net Product Cost Realizable Value $111000 A B C 85000 160000 $126000 $351000. O $356000. O $376000. O $371000. 80000 165000 If Bonita applies the LCNRV basis, the value of the inventory reported on the balance sheet would be

Bonita Company developed the following information about its inventories in applying the lower-of-cost-or-net realizable value (LCNRV) basis in valuing inventories: Net Product Cost Realizable Value $111000 A B C 85000 160000 $126000 $351000. O $356000. O $376000. O $371000. 80000 165000 If Bonita applies the LCNRV basis, the value of the inventory reported on the balance sheet would be

FINANCIAL ACCOUNTING

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ISBN:9781259964947

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Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Concept explainers

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.

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Bonita Company developed the following information about its inventories in applying the lower-of-cost-or-net realizable value
(LCNRV) basis in valuing inventories:
Net
Product Cost Realizable Value
A
B
C
$111000
85000
160000
$126000
$351000.
O $356000.
O $376000.
O $371000.
80000
165000
If Bonita applies the LCNRV basis, the value of the inventory reported on the balance sheet would be

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