item-by-item basis

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Jimin Inc. How much shall be considered as Inventory in the balance sheet if valuation is made on an item-by-item basis?

The following information are provided as part your review of inventory of Jimin, Inc.:
Items
Cost
NRV
Group 1 items
Product A
1,000
1,500
2,800
3,000
Product B
2,000
Product C
2,600
Group 2 items
Product D
1,800
4,000
3,000
2,000
6,000
4,000
1,500
Product E
Product F
Product G
1,200
How much shall be considered as Inventory in the balance sheet if valuation is made on an item-by-
item basis?
Transcribed Image Text:The following information are provided as part your review of inventory of Jimin, Inc.: Items Cost NRV Group 1 items Product A 1,000 1,500 2,800 3,000 Product B 2,000 Product C 2,600 Group 2 items Product D 1,800 4,000 3,000 2,000 6,000 4,000 1,500 Product E Product F Product G 1,200 How much shall be considered as Inventory in the balance sheet if valuation is made on an item-by- item basis?
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