PROBLEMS Problem 12-1 (IAA) The inventory of Horny Company at the end of the current year is to be recorded at the lower of cost and net realizable value. Cost Estimated sales price Cost of sell Item Units 180 30 120 110 1,000 1,500 1,200 1,800 1,700 140 20 В 30 170 190 200 150 140 30 130 40 Required: Determine the inventory value applying the lower of cost and net realizable value. ABCAE

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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PROBLEMS
Problem 12-1 (IAA)
The inventory of Horny Company at the end of the current
year is to be recorded at the lower of cost and net realizabla
value.
Cost
Estimated sales price Cost of sell
Item
Units
120
180
30
1,000
1,500
1,200
1,800
1,700
A
B
110
140
20
30
170
190
C
150
140
30
D
E
130
200
40
Required:
Determine the inventory value applying the lower of cost and
net realizable value.
Transcribed Image Text:PROBLEMS Problem 12-1 (IAA) The inventory of Horny Company at the end of the current year is to be recorded at the lower of cost and net realizabla value. Cost Estimated sales price Cost of sell Item Units 120 180 30 1,000 1,500 1,200 1,800 1,700 A B 110 140 20 30 170 190 C 150 140 30 D E 130 200 40 Required: Determine the inventory value applying the lower of cost and net realizable value.
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