Chapter 12, Problem 12.20MCE

Financial Accounting

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Franco Corp. purchased an item for inventory that cost $30 per unit and was priced to sell at $50. It was determined that the disposal cost is $28 per unit. Using the lower of cost or net realizable value (LCM) rule, what amount should be reported on the balance sheet for inventory? Help

General Accounting Question

Dunley Motors purchased a delivery van on January 1, 2017, for $62,000. The van had an estimated life of 4 years and an estimated residual value of $18,000. Dunley's year-end is December 31st. Assuming Dunley uses the straight-line depreciation method and the company sold the van on July 1, 2019, for $30,000, determine the gain or loss on disposal. Help

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