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d. Estimated selling price less estimated cost to complete c. Expected selling price less expected cost to complete 1. Net realizable value is a. Current replacement cost b. Estimated selling price c. Expected selling price less expected cost to comples and cost of disposal d. Estimated selling price less estimated cost to comples and cost of disposal

d. Estimated selling price less estimated cost to complete c. Expected selling price less expected cost to complete 1. Net realizable value is a. Current replacement cost b. Estimated selling price c. Expected selling price less expected cost to comples and cost of disposal d. Estimated selling price less estimated cost to comples and cost of disposal

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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c. Expected selling price less expected cost to complete d. Estimated selling price less estimated cost to complete Problem 12-19 Multiple choice (IAA) 1. Net realizable value is a. Current replacement cost b. Estimated selling price and cost of disposal and cost of disposal 2. Inventories are usually written down to net realizable value a. Item by item b. By classification с. Вy total d. By segment 3. LCNRV is best described as the a. Reporting of a loss when there is a decrease in the future utility below the original cost. b. Method of determining cost of goods sold. c. Assumption to determine inventory flow. d. Change in inventory value to net realizable value. 4. LCNRV of inventory a. Is always either the net realizable value or cost. b. Must be equal to net realizable vlaue. c. May sometimes be less than net realizable value. d. Must be equal to estimated selling price less cost to complete and cost of disposal. 5. Which statement is true regarding inventory writedown and reversal of writedown? a. Reversal of inventory writedown is prohibited. b. Separate reporting of reversal of inventory writedown is required. c. An entity is required to record an inventory writedown in a separate loss account. d. All of the choices are correct.
Transcribed Image Text:c. Expected selling price less expected cost to complete d. Estimated selling price less estimated cost to complete Problem 12-19 Multiple choice (IAA) 1. Net realizable value is a. Current replacement cost b. Estimated selling price and cost of disposal and cost of disposal 2. Inventories are usually written down to net realizable value a. Item by item b. By classification с. Вy total d. By segment 3. LCNRV is best described as the a. Reporting of a loss when there is a decrease in the future utility below the original cost. b. Method of determining cost of goods sold. c. Assumption to determine inventory flow. d. Change in inventory value to net realizable value. 4. LCNRV of inventory a. Is always either the net realizable value or cost. b. Must be equal to net realizable vlaue. c. May sometimes be less than net realizable value. d. Must be equal to estimated selling price less cost to complete and cost of disposal. 5. Which statement is true regarding inventory writedown and reversal of writedown? a. Reversal of inventory writedown is prohibited. b. Separate reporting of reversal of inventory writedown is required. c. An entity is required to record an inventory writedown in a separate loss account. d. All of the choices are correct.
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