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Ontario Garden Supplies Income Statement (partial) Year Ended December 31, 2021 Data Table Gross profit Inventory Cost of Goods Sold Sales Revenue Beg bal 12,500 End bal 16,000 Bal 69,000 Bal 122,000 More Info Print Done Ayear ago, the net realizable value of ending inventory was $12,800, which exceeded the cost of $12,500. Ontario has determined that the net realizable value of the December 31, 2021, ending inventory is $11,500. Print Done

Ontario Garden Supplies Income Statement (partial) Year Ended December 31, 2021 Data Table Gross profit Inventory Cost of Goods Sold Sales Revenue Beg bal 12,500 End bal 16,000 Bal 69,000 Bal 122,000 More Info Print Done Ayear ago, the net realizable value of ending inventory was $12,800, which exceeded the cost of $12,500. Ontario has determined that the net realizable value of the December 31, 2021, ending inventory is $11,500. Print Done

FINANCIAL ACCOUNTING
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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Ontario Garden Supplies Income Statement (partial) Year Ended December 31, 2021 Data Table Gross profit Inventory Cost of Goods Sold Sales Revenue Beg bal 12,500 End bal 16,000 Bal 69,000 Bal 122.000 More Info Print Done A year ago, the net realizable value of ending inventory was $12,800, which exceeded the cost of $12,500. Ontario has determined that the net realizable value of the December 31, 2021, ending inventory is $11,500. Print Done
Transcribed Image Text:Ontario Garden Supplies Income Statement (partial) Year Ended December 31, 2021 Data Table Gross profit Inventory Cost of Goods Sold Sales Revenue Beg bal 12,500 End bal 16,000 Bal 69,000 Bal 122.000 More Info Print Done A year ago, the net realizable value of ending inventory was $12,800, which exceeded the cost of $12,500. Ontario has determined that the net realizable value of the December 31, 2021, ending inventory is $11,500. Print Done
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