Financial Accounting
Financial Accounting
5th Edition
ISBN: 9780134728643
Author: Robert Kemp; Jeffrey Waybright
Publisher: Pearson Education (US)
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Chapter 6, Problem 1WC
To determine

Discuss about the internal control and its activities required for a small business.

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Iris Company has provided the following information regarding two of its items of inventory at year-end: There are 200 units of Item A, having a cost of $10 per unit, a selling price of $14 and a cost to sell of $6 per unit. There are 150 units of Item B, having a cost of $40 per unit, a selling price of $46 and a cost to sell of $4 per unit. How much is the ending inventory using lower of cost or net realizable value on an item-by-item basis? a. $8,350. b. $8,750. c. $8,000. d. $7,600.
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