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H.T. Tan Company is preparing the annual financial statements dated December 31 of the current year. Ending inventory information about the five major items stocked for regular sale follows: Iten A B ABODE A D C Total Net Item Quantity Total Cost Realizable Value 53 83 ENDING INVENTORY, CURRENT YEAR Quantity on Hand 53 83 13 73 353 13 73 353 Total Unit Cost When Acquired (FIFO) $18 88888 33 51 Required: Compute the valuation that should be used for the current year ending inventory using lower of cost or net realizable value applied on an item-by-item basis. 28 13 Net Realizable Value (Market) at Year-End Lower of Cost or NRV $ 15 43 55 33 8 K

H.T. Tan Company is preparing the annual financial statements dated December 31 of the current year. Ending inventory information about the five major items stocked for regular sale follows: Iten A B ABODE A D C Total Net Item Quantity Total Cost Realizable Value 53 83 ENDING INVENTORY, CURRENT YEAR Quantity on Hand 53 83 13 73 353 13 73 353 Total Unit Cost When Acquired (FIFO) $18 88888 33 51 Required: Compute the valuation that should be used for the current year ending inventory using lower of cost or net realizable value applied on an item-by-item basis. 28 13 Net Realizable Value (Market) at Year-End Lower of Cost or NRV $ 15 43 55 33 8 K

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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H.T. Tan Company is preparing the annual financial statements dated December 31 of the current year. Ending inventory information about the five major items stocked for regular sale follows: Iten A B A B C D D E E Total Net Item Quantity Total Cost Realizable Value 53 83 13 73 353 Quantity on Hand 53 83 13 Total ENDING INVENTORY, CURRENT YEAR Unit Cost When Acquired (FIFO) $18 73 353 Required: Compute the valuation that should be used for the current year ending inventory using lower of cost or net realizable value applied on an item-by-item basis. 88888 33 28 13 Net Realizable Value (Market) at Year-End Lower of Cost or NRV $ 15 43 55 33 8
Transcribed Image Text:H.T. Tan Company is preparing the annual financial statements dated December 31 of the current year. Ending inventory information about the five major items stocked for regular sale follows: Iten A B A B C D D E E Total Net Item Quantity Total Cost Realizable Value 53 83 13 73 353 Quantity on Hand 53 83 13 Total ENDING INVENTORY, CURRENT YEAR Unit Cost When Acquired (FIFO) $18 73 353 Required: Compute the valuation that should be used for the current year ending inventory using lower of cost or net realizable value applied on an item-by-item basis. 88888 33 28 13 Net Realizable Value (Market) at Year-End Lower of Cost or NRV $ 15 43 55 33 8
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