GENERAL ACCOUNT - 45 Yang Company purchased 2,000 phones and has 400 phones in its ending inventory at the cost of $90 each and a current replacement cost of $80 each. The net realizable value of each phone in the ending inventory is $70. The ending inventory under lower-of-cost-or-net realizable value is? (a) $36,000. (b) $32,000. (c) $28,000. (d) None of the above.

GENERAL ACCOUNT - 45 Yang Company purchased 2,000 phones and has 400 phones in its ending inventory at the cost of $90 each and a current replacement cost of $80 each. The net realizable value of each phone in the ending inventory is $70. The ending inventory under lower-of-cost-or-net realizable value is? (a) $36,000. (b) $32,000. (c) $28,000. (d) None of the above.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter8: Inventories: Special Valuation Issues

Section: Chapter Questions

Problem 11RE: Johnson Corporation had beginning inventory of 20,000 at cost and 35,000 at retail. During the year,...

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