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Painter Inc. sells several types of paint. Due to the low demand, it would be testing its inventory for impairment. It gathered the following information: Unit Selling Price Ave. Unit (Updated) P 400 1,300 1,700 1,250 600 No. Brand Туре Size Units Unit Cost Cost to Sell P 70 001 A 002 A 003 A 004 B 005 B 006 B How much should be reported as loss from inventory write-down? Water-based 4-liter Water-based 16-liter Acrylic Water-based 16-liter Acrylic Acrylic P 350 1,150 1,200 1,075 400 1,250 10 20 250 16-liter 20 300 5 200 4-liter 15 70 16-liter 10 2,000 250

Painter Inc. sells several types of paint. Due to the low demand, it would be testing its inventory for impairment. It gathered the following information: Unit Selling Price Ave. Unit (Updated) P 400 1,300 1,700 1,250 600 No. Brand Туре Size Units Unit Cost Cost to Sell P 70 001 A 002 A 003 A 004 B 005 B 006 B How much should be reported as loss from inventory write-down? Water-based 4-liter Water-based 16-liter Acrylic Water-based 16-liter Acrylic Acrylic P 350 1,150 1,200 1,075 400 1,250 10 20 250 16-liter 20 300 5 200 4-liter 15 70 16-liter 10 2,000 250

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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Painter Inc. sells several types of paint. Due to the low demand, it would be testing its inventory for impairment. It gathered the following information: Unit Selling Price (Updated) P 400 1,300 1,700 1,250 600 Ave. Unit No. Brand Туре Size Units Unit Cost Cost to Sell P 70 001 A 002 A 003 A 004 B 005 B 006 B How much should be reported as loss from inventory write-down? Water-based 4-liter Water-based 16-liter Р 350 1,150 1,200 1,075 400 10 20 250 Аcrylic Water-based 16-liter Acrylic Acrylic 16-liter 20 300 5 200 4-liter 15 70 16-liter 10 1,250 2,000 250
Transcribed Image Text:Painter Inc. sells several types of paint. Due to the low demand, it would be testing its inventory for impairment. It gathered the following information: Unit Selling Price (Updated) P 400 1,300 1,700 1,250 600 Ave. Unit No. Brand Туре Size Units Unit Cost Cost to Sell P 70 001 A 002 A 003 A 004 B 005 B 006 B How much should be reported as loss from inventory write-down? Water-based 4-liter Water-based 16-liter Р 350 1,150 1,200 1,075 400 10 20 250 Аcrylic Water-based 16-liter Acrylic Acrylic 16-liter 20 300 5 200 4-liter 15 70 16-liter 10 1,250 2,000 250
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