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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

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
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
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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