Calculating Lower-of-Cost-or-Net Realizable Value nne Traylor Inc. has the following information for its six inventory items on June 30. Determine the inventory cost to company applies the lower-of-cost-or-net realizable value rule to each individual inventory item Lower-of-Cost-or- ventory Item Quantity Selling Price Cost to Sell Inventory Cost Net Realizable Value 182 53 S 100 101 115 118 120 260 130 312 65 22 25 18 $16 17 31 29 10 O
Calculating Lower-of-Cost-or-Net Realizable Value nne Traylor Inc. has the following information for its six inventory items on June 30. Determine the inventory cost to company applies the lower-of-cost-or-net realizable value rule to each individual inventory item Lower-of-Cost-or- ventory Item Quantity Selling Price Cost to Sell Inventory Cost Net Realizable Value 182 53 S 100 101 115 118 120 260 130 312 65 22 25 18 $16 17 31 29 10 O
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Calculating Lower-of-Cost-or-Net Realizable Value
Anne Traylor Inc. has the following information for its six inventory items on June 30. Determine the inventory cost to report on the balance sheet on June 30, assuming that the
company applies the lower-of-cost-or-net realizable value rule to each individual inventory item.
Lower-of-Cost-or-
Inventory Item Quantity Selling Price Cost to Sell Inventory Cost Net Realizable Value
182
$24
260
130
312
65
117
#100
#101
#115
#110
#120
#120
Total
BASER
22
25
40
30
$5
4
6
6
4
a
516
17
31
29
10
26
CO
0
0
0
0
0](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa093d0e1-31e1-4813-b8b4-113c355cff18%2F726c3a5d-7ed8-420f-a189-55b313f291a2%2Fly0sz2j_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Calculating Lower-of-Cost-or-Net Realizable Value
Anne Traylor Inc. has the following information for its six inventory items on June 30. Determine the inventory cost to report on the balance sheet on June 30, assuming that the
company applies the lower-of-cost-or-net realizable value rule to each individual inventory item.
Lower-of-Cost-or-
Inventory Item Quantity Selling Price Cost to Sell Inventory Cost Net Realizable Value
182
$24
260
130
312
65
117
#100
#101
#115
#110
#120
#120
Total
BASER
22
25
40
30
$5
4
6
6
4
a
516
17
31
29
10
26
CO
0
0
0
0
0
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