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Given the following data for Al-Madar co. for 2021: Inventory at Cost (31/12/2021) 22000 Inventory at NRV (31/12/2021) 20000 Net sales 67000 Gross profit using Cost of goods sold method to recognize the write down in inventory 7000 The value of the cost of goods sold for 2021 using the loss method to recognize the write down in inventory, is d- none of the choices a-60000 b-58000 C-65000

Given the following data for Al-Madar co. for 2021: Inventory at Cost (31/12/2021) 22000 Inventory at NRV (31/12/2021) 20000 Net sales 67000 Gross profit using Cost of goods sold method to recognize the write down in inventory 7000 The value of the cost of goods sold for 2021 using the loss method to recognize the write down in inventory, is d- none of the choices a-60000 b-58000 C-65000

Intermediate Accounting: Reporting And Analysis
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 5E: Inventory Write-Down The following information is taken from Aden Companys records: Required: 1....
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Given the following data for AI-Madar co. for 2021: Inventory at Cost (31/12/2021) Inventory at NRV (31/12/2021) 22000 20000 Net sales 67000 Gross profit using Cost of goods sold method to recognize the write down in inventory 7000 The value of the cost of goods sold for 2021 using the loss method to recognize the write down in inventory, is d- none of the choices a-60000 b-58000 C-65000 rch
Transcribed Image Text:Given the following data for AI-Madar co. for 2021: Inventory at Cost (31/12/2021) Inventory at NRV (31/12/2021) 22000 20000 Net sales 67000 Gross profit using Cost of goods sold method to recognize the write down in inventory 7000 The value of the cost of goods sold for 2021 using the loss method to recognize the write down in inventory, is d- none of the choices a-60000 b-58000 C-65000 rch
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