%24B15 Chapter 10 Lab application-A Xコ* WBb Chapter 10 Lab application - A XCengageNOWv2| Online teach :takeAssignment/takeAssignmentMain.do?invoker%=&takeAssignmentSessionLocator=&inprogre... O ☆eBookShow Me HowThe following information is taken from a company's records.CostMarket valueper Unitper UnitInventory Item 1 (9 units)$32$31Inventory Item 2 (21 units)6 -Inventory Item 3 (12 units)9.8.Applying the lower-of-cost-or-market approach, what is the correct value that should be reported on the balance sheet forinventory?Show AllCheck Mv Work 4 more Check My Work uses remainingSample Proble...docxSample Proble....docxProble....docx

according to the standard prescribed by the accounting body the valuation of inventory is done ether…

nit 1 (9 units) $32 $31 Inventory Item 2 (21 units) 19 19 Inventory Item 3 (12 units) 6. 8. Applying the lower-of-cost-or-market approach, what is the correct value that should be reported on the balance sheet for inventory? %24

nit 1 (9 units) $32 $31 Inventory Item 2 (21 units) 19 19 Inventory Item 3 (12 units) 6. 8. Applying the lower-of-cost-or-market approach, what is the correct value that should be reported on the balance sheet for inventory? %24

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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Question

%24
B15 Chapter 10 Lab application-A X
コ* W
Bb Chapter 10 Lab application - A X
CengageNOWv2| Online teach :
takeAssignment/takeAssignmentMain.do?invoker%=&takeAssignmentSessionLocator=&inprogre... O ☆
eBook
Show Me How
The following information is taken from a company's records.
Cost
Market value
per Unit
per Unit
Inventory Item 1 (9 units)
$32
$31
Inventory Item 2 (21 units)
6 -
Inventory Item 3 (12 units)
9.
8.
Applying the lower-of-cost-or-market approach, what is the correct value that should be reported on the balance sheet for
inventory?
Show All
Check Mv Work 4 more Check My Work uses remaining
Sample Proble...docx
Sample Proble....docx
Proble....docx

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16. Use the following information to calculate inventory applying LCNRV by item: Recorded cost $12 $22 $17 $42 $32 $18 Еxpected sales price $16 $24 $19 Disposal Costs $2 $5 Item A Item B Item C $2 Item D $60 $40 $6 Item E $6 Item F $24 $7
Problem 2: Multiple choice- Theory 1. Which of the following statements is correct? a.PAS 2 Inventories does not allow the use of inventory estimates. b. If the cost ratio is 80%, the gross profit rate based on cost is 20%. c. If the gross profit based on cost is 25%, the cost ratio is 75%. d. PAS 2 allows the use of estimates if the estimate reasonably approximates the cost.
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4
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