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Oriole Company developed the following information about its inventories in applying the lower-of-cost-or-net realizable value (LCM) basis in valuing inventories. Net realizable Product Cost A $114000 84000 153000 B С 1 Oriale applies the LCNRV basis, the value of the inventory reported on the balance sheet would be $120000 70000 162000 $351000. $352000 $366000. $337000.

Oriole Company developed the following information about its inventories in applying the lower-of-cost-or-net realizable value (LCM) basis in valuing inventories. Net realizable Product Cost A $114000 84000 153000 B С 1 Oriale applies the LCNRV basis, the value of the inventory reported on the balance sheet would be $120000 70000 162000 $351000. $352000 $366000. $337000.

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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Oriole Company developed the following information about its inventories in applying the lower-of-cost-or-net realizable value (LCM) basis in valuing inventories. Net realizable value $120000 70000 162000 Product A B Cost $114000 84000 153000 с If Oriole applies the LCNRV basis, the value of the inventory reported on the balance sheet would be $351000. $352000. $366000. $337000.
Transcribed Image Text:Oriole Company developed the following information about its inventories in applying the lower-of-cost-or-net realizable value (LCM) basis in valuing inventories. Net realizable value $120000 70000 162000 Product A B Cost $114000 84000 153000 с If Oriole applies the LCNRV basis, the value of the inventory reported on the balance sheet would be $351000. $352000. $366000. $337000.
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