Please help me to do the number 3 requirement, because I have got the solution for 1 and 2 aldready. Additional data: The disposal cost of each inventory A, B, C, D, and E amounted to 10% of the inventory cost. The normal (gross) profit margin of each inventory A, B, C, D, and E was 100% of the inventory cost. Required: Determine the selling price per unit of each inventory A, B, C, D, and E Complete the last four columns in the table above using the lower-of-cost-or-market rule Determine the total cost and final inventory value. Prepare the necessary journal entry at 12/31/20 to reflect the loss due to market decline in value of inventory
Please help me to do the number 3 requirement, because I have got the solution for 1 and 2 aldready. Additional data: The disposal cost of each inventory A, B, C, D, and E amounted to 10% of the inventory cost. The normal (gross) profit margin of each inventory A, B, C, D, and E was 100% of the inventory cost. Required: Determine the selling price per unit of each inventory A, B, C, D, and E Complete the last four columns in the table above using the lower-of-cost-or-market rule Determine the total cost and final inventory value. Prepare the necessary journal entry at 12/31/20 to reflect the loss due to market decline in value of inventory
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please help me to do the number 3 requirement, because I have got the solution for 1 and 2 aldready.
Additional data:
-
The disposal cost of each inventory A, B, C, D, and E amounted to 10% of the inventory
cost.
-
The normal (gross) profit margin of each inventory A, B, C, D, and E was 100% of the
inventory cost.
Required:
-
Determine the selling price per unit of each inventory A, B, C, D, and E
-
Complete the last four columns in the table above using the lower-of-cost-or-market rule
-
Determine the total cost and final inventory value. Prepare the necessary
journal entry at 12/31/20 to reflect the loss due to market decline in value of inventory
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