Sanchez Company was formed on January 1 of the current year and is preparing the annual financial statements dated December 31, current year. Ending inventory information about the four major items stocked for regular sale follows: Item A B C D ENDING INVENTORY, CURRENT YEAR Quantity Unit Cost When on Hand Acquired (FIFO) 32 67 47 22 $ 17 46 57 34 Net Realizable Value (Market) at Year-End $12 42 59 29 Required: 1. Compute the valuation that should be used for the current year ending inventory using lower of cost or net realizable value applied on an item-by-item basis. 2. What will be the effect of the write-down of inventory to lower of cost or net realizable value on cost of goods sold for the year ended December 31, current year?

Sanchez Company was formed on January 1 of the current year and is preparing the annual financial statements dated December 31, current year. Ending inventory information about the four major items stocked for regular sale follows: Item A B C D ENDING INVENTORY, CURRENT YEAR Quantity Unit Cost When on Hand Acquired (FIFO) 32 67 47 22 $ 17 46 57 34 Net Realizable Value (Market) at Year-End $12 42 59 29 Required: 1. Compute the valuation that should be used for the current year ending inventory using lower of cost or net realizable value applied on an item-by-item basis. 2. What will be the effect of the write-down of inventory to lower of cost or net realizable value on cost of goods sold for the year ended December 31, current year?

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Description: Please do not give solution in image format thanku Required 1 Required 2Compute the valuation that should be used for the current year ending inventory using lower of cost or net realizable valueapplied on an item-by-item basis.Total NetItem Quantity

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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