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DD BE92 Floyd Corporation has the following four items in its ending inventory. NRV Less Net Realizable Value (NRV) $2,100 4,950 4,625 3,830 Replacement Cost ITTT Normal Profit Margin Cost $2,000 Item $2,050 5,100 4,550 2,990 $1,600 4,100 3,700 3,070 Jokers Penguins Riddlers 5,000 4,400 3,200 Scarecrows Determine the final lower-of-cost-or-market inventory value for each item.

DD BE92 Floyd Corporation has the following four items in its ending inventory. NRV Less Net Realizable Value (NRV) $2,100 4,950 4,625 3,830 Replacement Cost ITTT Normal Profit Margin Cost $2,000 Item $2,050 5,100 4,550 2,990 $1,600 4,100 3,700 3,070 Jokers Penguins Riddlers 5,000 4,400 3,200 Scarecrows Determine the final lower-of-cost-or-market inventory value for each item.

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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W DD BE9-2 Floyd Corporation has the following four items in its ending inventory. Net Realizable NRV Less Replacement Cost $2,050 5,100 4,550 2,990 Value (NRV) Normal Profit Margin Item Cost $1,600 4,100 Jokers Penguins Riddlers Scarecrows $2,000 5,000 4,400 3,200 $2,100 4,950 4,625 3,830 3,700 3,070 Determine the final lower-of-cost-or-market inventory value for each item.
Transcribed Image Text:W DD BE9-2 Floyd Corporation has the following four items in its ending inventory. Net Realizable NRV Less Replacement Cost $2,050 5,100 4,550 2,990 Value (NRV) Normal Profit Margin Item Cost $1,600 4,100 Jokers Penguins Riddlers Scarecrows $2,000 5,000 4,400 3,200 $2,100 4,950 4,625 3,830 3,700 3,070 Determine the final lower-of-cost-or-market inventory value for each item.
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