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Question. The following data relates to Bands Are Us. Inc. for the year ended December 31, 2015: Ending inventory at cost Ending inventory at NRV $ 54,000 $ 52,700 Ending inventory at fair value $ 59,000 COGS before any adjustment for NRV $ 67,000 Which of the following is the adjusted COGS balance for Bands Are Us Inc. after NRV adjustment? a. $65,700 b. $68,300 c. $67,000 d. $72,000 e. $62,000

Question. The following data relates to Bands Are Us. Inc. for the year ended December 31, 2015: Ending inventory at cost Ending inventory at NRV $ 54,000 $ 52,700 Ending inventory at fair value $ 59,000 COGS before any adjustment for NRV $ 67,000 Which of the following is the adjusted COGS balance for Bands Are Us Inc. after NRV adjustment? a. $65,700 b. $68,300 c. $67,000 d. $72,000 e. $62,000

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. The following data relates to Bands Are Us. Inc. for the year ended December 31, 2015: Ending inventory at cost Ending inventory at NRV $ 54,000 $ 52,700 Ending inventory at fair value $ 59,000 COGS before any adjustment for NRV $ 67,000 Which of the following is the adjusted COGS balance for Bands Are Us Inc. after NRV adjustment? a. $65,700 b. $68,300 c. $67,000 d. $72,000 e. $62,000
Transcribed Image Text:Question. The following data relates to Bands Are Us. Inc. for the year ended December 31, 2015: Ending inventory at cost Ending inventory at NRV $ 54,000 $ 52,700 Ending inventory at fair value $ 59,000 COGS before any adjustment for NRV $ 67,000 Which of the following is the adjusted COGS balance for Bands Are Us Inc. after NRV adjustment? a. $65,700 b. $68,300 c. $67,000 d. $72,000 e. $62,000
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