34The management of Goodwill Enterprises, has been using the lowerof cost and net realizable value in costing its inventory. It maintainsonly two items of inventory as follows:Confidence: 300 on hand; cost, P22 each;estimated sales price,P30; estimated distribution cost, P3 each; and normal profit,10% of the sales price.Positive Attitude:200 on hand; cost, P55 each; estimated salesprice, P80; estimated distribution cost, P28; and normalprofit, 20% of the sales price.Using the lower of cost and net realizable value, what are the unitinventory values for Confidence and Positive Attitude?Confidence, P27; Positive attitude, P52Confidence, P22; Positive attitude, P52Confidence, P22; Positive attitude, P55Confidence, P27; Positive attitude, P55a.b.C.d.

Name: 34The management of Goodwill Enterprises, has been using the lowerof
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Description: 34The management of Goodwill Enterprises, has been using the lowerof cost and net realizable value in costing its inventory. It maintainsonly two items of inventory as follows:Confidence: 300 on hand; cost, P22 each;estimated sales price,P30; estima

Inventory is very important current asset of the business. Inventory valuation by lower of cost or…

Business

Accounting

The management of Goodwill Enterprises, has bee of cost and net realizable value in costing its inven only two items of inventory as follows: Confidence: 300 on hand; cost, P22 each; estir P30; estimated distribution cost, P3 each; a 10% of the sales price. Positive Attitude: 200 on hand; cost, P55 each; price, P80; estimated distribution cost, profit, 20% of the sales price. Using the lower of cost and net realizable value, inventory values for Confidence and Positive Attituc Confidence, P27; Positive attitude, P52 Confidence, P22; Positive attitude, P52 Confidence, P22; Positive attitude, P55 Confidence, P27; Positive attitude, P55 a. b. C. d.

The management of Goodwill Enterprises, has bee of cost and net realizable value in costing its inven only two items of inventory as follows: Confidence: 300 on hand; cost, P22 each; estir P30; estimated distribution cost, P3 each; a 10% of the sales price. Positive Attitude: 200 on hand; cost, P55 each; price, P80; estimated distribution cost, profit, 20% of the sales price. Using the lower of cost and net realizable value, inventory values for Confidence and Positive Attituc Confidence, P27; Positive attitude, P52 Confidence, P22; Positive attitude, P52 Confidence, P22; Positive attitude, P55 Confidence, P27; Positive attitude, P55 a. b. C. d.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter12: Fainancial Statement Analysis

Section: Chapter Questions

Problem 87PSB

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