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How much should be reported as loss from inventory write-down?

How much should be reported as loss from inventory write-down?

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 2MC: Moore Company uses the LIFO cost flow assumption and carries Product A in inventory on December 31,...
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How much should be reported as loss from inventory write-down? 

Painter Inc. sells several types of paint. Due to the low demand, it would be testing its inventory for impairment. It gathered the following information: Unit Selling Price (Updated) P 400 No. Brand Туре Size Units Unit Cost Ave. Unit Cost to Sell 001 A 002 A 003 A 004 B 005 B 006 B How much should be reported as loss from inventory write-down? Water-based 4-liter Water-based| 16-liter Acrylic Water-based 16-liter Acrylic Acrylic P 350 1,150 1,200 1,075 10 P 70 20 1,300 1,700 1,250 250 16-liter 20 300 5 200 4-liter 15 400 600 70 16-liter 10 1,250 2,000 250 Your answer
Transcribed Image Text:Painter Inc. sells several types of paint. Due to the low demand, it would be testing its inventory for impairment. It gathered the following information: Unit Selling Price (Updated) P 400 No. Brand Туре Size Units Unit Cost Ave. Unit Cost to Sell 001 A 002 A 003 A 004 B 005 B 006 B How much should be reported as loss from inventory write-down? Water-based 4-liter Water-based| 16-liter Acrylic Water-based 16-liter Acrylic Acrylic P 350 1,150 1,200 1,075 10 P 70 20 1,300 1,700 1,250 250 16-liter 20 300 5 200 4-liter 15 400 600 70 16-liter 10 1,250 2,000 250 Your answer
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