Hi expert please give me answer general accounting question XYZ Corporation purchases 500 gadgets for $45 each. At the end of the reporting period,the replacement cost is $41 per gadget, the estimated selling price is $72 per gadget, thedisposal cost is $7 per gadget, and the normal profit margin is $18 per gadget.If XYZ uses LCM costing by item, at what amount will the gadgets be reported on thebalance sheet?a. $20,500b. $23,500c. $22,500d. $21,000

Step 1: Definition of Lower of Cost or Market (LCM)The Lower of Cost or Market (LCM) rule is an…

Answered: XYZ Corporation purchases 500 gadgets…

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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