Sublime Sandals Company is preparing its annual financial statements dated December 31. Ending inventory information about the four major items stocked for regular sale are as follows: Product LineQuantityon HandUnit Cost WhenAcquired (FIFO )Net Realizable Value atYear - End Air Flow 20 $12 $ 14 Blister Buster 75 40 38 Coolonite 35 55 50 Dudesly 10 30 35 Required:1. Compute the amount that should be reported for the ending inventory, using the LC&NRV rule applied to each item.
Sublime Sandals Company is preparing its annual financial statements dated December 31. Ending inventory information about the four major items stocked for regular sale are as follows: Product LineQuantityon HandUnit Cost WhenAcquired (FIFO )Net Realizable Value atYear - End Air Flow 20 $12 $ 14 Blister Buster 75 40 38 Coolonite 35 55 50 Dudesly 10 30 35 Required:1. Compute the amount that should be reported for the ending inventory, using the LC&NRV rule applied to each item.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
![Sublime Sandals Company is preparing its annual
financial statements dated December 31. Ending
inventory information about the four major items
stocked for regular sale are as follows: Product
LineQuantityon HandUnit Cost WhenAcquired (FIFO
)Net Realizable Value atYear-End Air Flow 20 $12 $
14 Blister Buster 75 40 38 Coolonite 35 55 50
Dudesly 10 30 35 Required:1. Compute the amount
that should be reported for the ending inventory,
using the LC&NRV rule applied to each item.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd7607cc9-87de-4447-ba54-18af00f0b8b3%2Fa51e0aa0-76e6-4b4e-932b-6efea01c516e%2F36i2xfj_processed.png&w=3840&q=75)
Transcribed Image Text:Sublime Sandals Company is preparing its annual
financial statements dated December 31. Ending
inventory information about the four major items
stocked for regular sale are as follows: Product
LineQuantityon HandUnit Cost WhenAcquired (FIFO
)Net Realizable Value atYear-End Air Flow 20 $12 $
14 Blister Buster 75 40 38 Coolonite 35 55 50
Dudesly 10 30 35 Required:1. Compute the amount
that should be reported for the ending inventory,
using the LC&NRV rule applied to each item.
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