Chapter 2, Problem 8C

Mao Company had 45,000 units of ending inventory recorded at $12.75 per unit using FIFO method. Current replacement cost is $8.40 per unit. Which amount should be reported as Ending Merchandise Inventory on the balance sheet using lower-of-cost-or-market rule?

Assume that Madonna Enterprises has sales of 750,000, sales discounts of 25,000, net income of 65,000, and cost of goods sold of 520,000. Gross profit and operating expenses are, respectively: a. 205,000 and 140,000 b. 230,000 and 165,000 c. 205,000 and 165,000 d. 230,000 and 140,000

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At Brighton Corp., as of September 30, the company has net sales of $520,000 and a cost of goods available for sale of $410,000. Compute the estimated cost of the ending inventory, assuming the gross profit rate is 35%.

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