Hathaway Electronics applied FIFO to its inventory and obtained the following results for its ending inventory: . Laptops - 120 units at a cost per unit of $750 ⚫ Tablets - 185 units at a cost per unit of $320 ⚫ Smartphones - 160 units at a cost per unit of $540 The net realizable value of units purchased at year-end was: . Laptops = $720 . Tablets = $290 . Smartphones = $500 Determine the total amount of ending inventory at lower-of-cost or market.
Hathaway Electronics applied FIFO to its inventory and obtained the following results for its ending inventory: . Laptops - 120 units at a cost per unit of $750 ⚫ Tablets - 185 units at a cost per unit of $320 ⚫ Smartphones - 160 units at a cost per unit of $540 The net realizable value of units purchased at year-end was: . Laptops = $720 . Tablets = $290 . Smartphones = $500 Determine the total amount of ending inventory at lower-of-cost or market.
Chapter18: Accounting Periods And Methods
Section: Chapter Questions
Problem 67P
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Hathaway Electronics applied FIFO to its inventory and obtained the following results for its ending inventory:
Transcribed Image Text:Hathaway Electronics applied FIFO to its inventory and obtained the following
results for its ending inventory:
. Laptops - 120 units at a cost per unit of $750
⚫ Tablets - 185 units at a cost per unit of $320
⚫ Smartphones - 160 units at a cost per unit of $540
The net realizable value of units purchased at year-end was:
. Laptops = $720
. Tablets = $290
. Smartphones = $500
Determine the total amount of ending inventory at lower-of-cost or market.
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