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Question: Green Leaf Company had the following information available on December 31: Table 1-66 Item Units Cost Total cost Market Total market Wheel 100 $ 32.10 $ 3,210 $ 33.00 $ 3,300 Shovels 320 14.00 4,480 12.00 3,840 Gloves 80 8.60 688 9.40 752 Hoses 140 11.00 1,540 10.50 1,470 $ 9,918 $9,362 Management applies the LCM rule on the basis of the total inventory. What is the write-down required? Select one: a. $864. b. $556. c. $576. d. $710

Question: Green Leaf Company had the following information available on December 31: Table 1-66 Item Units Cost Total cost Market Total market Wheel 100 $ 32.10 $ 3,210 $ 33.00 $ 3,300 Shovels 320 14.00 4,480 12.00 3,840 Gloves 80 8.60 688 9.40 752 Hoses 140 11.00 1,540 10.50 1,470 $ 9,918 $9,362 Management applies the LCM rule on the basis of the total inventory. What is the write-down required? Select one: a. $864. b. $556. c. $576. d. $710

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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Question: Green Leaf Company had the following information available on December 31: Table 1-66 Item Units Cost Total cost Market Total market Wheel 100 $ 32.10 $ 3,210 $ 33.00 $ 3,300 Shovels 320 14.00 4,480 12.00 3,840 Gloves 80 8.60 688 9.40 752 Hoses 140 11.00 1,540 10.50 1,470 $ 9,918 $9,362 Management applies the LCM rule on the basis of the total inventory. What is the write-down required? Select one: a. $864. b. $556. c. $576. d. $710
Transcribed Image Text:Question: Green Leaf Company had the following information available on December 31: Table 1-66 Item Units Cost Total cost Market Total market Wheel 100 $ 32.10 $ 3,210 $ 33.00 $ 3,300 Shovels 320 14.00 4,480 12.00 3,840 Gloves 80 8.60 688 9.40 752 Hoses 140 11.00 1,540 10.50 1,470 $ 9,918 $9,362 Management applies the LCM rule on the basis of the total inventory. What is the write-down required? Select one: a. $864. b. $556. c. $576. d. $710
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