### Current Attempt in ProgressSwifty Company developed the following information about its inventories in applying the lower-of-cost-or-net realizable value (LCNRV) basis in valuing inventories: Product Cost Net Realizable Value A $126,000 $129,000 B $80,000 $72,000 C $154,000 $155,000 From the table, it can be seen that each product has a specified cost and a net realizable value. For product A, the cost ($126,000) is less than the net realizable value ($129,000). For product B, the cost ($80,000) is higher than the net realizable value ($72,000).For product C, the cost ($154,000) is lower than the net realizable value ($155,000).---If Swifty applies the LCNRV basis, the value of the inventory reported on the balance sheet would be:- $352,000- $360,000- $356,000- $364,000To solve this, you need to choose the lowest value between the cost and the net realizable value for each product and sum them up.- For product A, the lower value is $126,000.- For product B, the lower value is $72,000.- For product C, the lower value is $154,000.Therefore, the total value to be reported on the balance sheet would be:$126,000 + $72,000 + $154,000 = $352,000.

Name: ### Current Attempt in ProgressSwifty Company developed the following
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Description: ### Current Attempt in ProgressSwifty Company developed the following information about its inventories in applying the lower-of-cost-or-net realizable value (LCNRV) basis in valuing inventories: Product Cost Net Realizable Value A

Inventory is the stock of raw materials or finished goods held by a firm at a point of time. It can…

Business

Accounting

Current Attempt in Progress Swifty 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 $126000 $129000 B 80000 72000 C 154000 155000 If Swifty applies the LCNRV basis, the value of the inventory reported on the balance sheet would be O $352000. O $360000. O $356000. O $364000.

Current Attempt in Progress Swifty 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 $126000 $129000 B 80000 72000 C 154000 155000 If Swifty applies the LCNRV basis, the value of the inventory reported on the balance sheet would be O $352000. O $360000. O $356000. O $364000.

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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