The following data relates to Quality Merchandise Corp. for the year ended December 31, 2023: Item Amount Beginning inventory at cost $78,000 Ending inventory at cost $65,000 Ending inventory at NRV $61,500 Ending inventory at fair value $69,000 Purchases $312,000 COGS before any adjustment for NRV $325,000 Which of the following is the adjusted COGS balance for Quality Merchandise Corp. after NRV adjustment? a. $321,500 b. $325,000 c. $328,500 d. $329,000

The following data relates to Quality Merchandise Corp. for the year ended December 31, 2023: Item Amount Beginning inventory at cost $78,000 Ending inventory at cost $65,000 Ending inventory at NRV $61,500 Ending inventory at fair value $69,000 Purchases $312,000 COGS before any adjustment for NRV $325,000 Which of the following is the adjusted COGS balance for Quality Merchandise Corp. after NRV adjustment? a. $321,500 b. $325,000 c. $328,500 d. $329,000

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 2MC: The following items were included in Venicio Corporations inventory account on December 31, 2019:...

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