MC34 The management of Goodwill Enterprises; has been using the lower of cost and net realizable value in costing its inventory. It maintains only two items of inventory as follows: Confidence: 300 on hand; cost, P22 each; estimated sales price, P30; estimated distribution cost, P3 each; and normal profit, 10% of the sales price. Positive Attitude: 200 on hand; cost, P55 each; estimated sales price, P80; estimated distribution cost, P28; and normal profit, 20% of the sales price. Using the lower of cost and net realizable value, what are the unit inventory values for Confidence and Positive Attitude? Confidence, P27; Positive attitude, P52 Confidence, P22; Positive attitude, P52 Confidence, P22; Positive attitude, P55 Confidence, P27; Positive attitude, P55 a. b. c. d.

MC34 The management of Goodwill Enterprises; has been using the lower of cost and net realizable value in costing its inventory. It maintains only two items of inventory as follows: Confidence: 300 on hand; cost, P22 each; estimated sales price, P30; estimated distribution cost, P3 each; and normal profit, 10% of the sales price. Positive Attitude: 200 on hand; cost, P55 each; estimated sales price, P80; estimated distribution cost, P28; and normal profit, 20% of the sales price. Using the lower of cost and net realizable value, what are the unit inventory values for Confidence and Positive Attitude? Confidence, P27; Positive attitude, P52 Confidence, P22; Positive attitude, P52 Confidence, P22; Positive attitude, P55 Confidence, P27; Positive attitude, P55 a. b. c. d.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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