
INTERMEDIATE ACCT.(LL)-W/WILEYPLUS
17th Edition
ISBN: 9781119598572
Author: Kieso
Publisher: WILEY
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Question
Chapter 9, Problem 1Q
To determine
Inventory: It refers to the stock or goods of a business which is traded by the company to earn profits.
To determine the proper accounting treatment of inventory.
Expert Solution & Answer

Explanation of Solution
The evidence of disposal of the usefulness of inventory goods in the ordinary course of business is being lesser than cost. In the current period, the difference in the costs will be treated as a loss.
In the financial statements of the company, the inventory will be stated as the “net realizable value.”
The inventory disposal in the ordinary course of business at a cost lesser than the difference between the disposal amount and the cost is considered as loss in the current period.
Conclusion
Hence, the proper accounting treatment of inventory is explained.
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Chapter 9 Solutions
INTERMEDIATE ACCT.(LL)-W/WILEYPLUS
Ch. 9 - Prob. 1QCh. 9 - Prob. 2QCh. 9 -
3. What approaches may be employed in applying...Ch. 9 - Prob. 4QCh. 9 - Prob. 5QCh. 9 - Prob. 6QCh. 9 - Prob. 7QCh. 9 - Prob. 8QCh. 9 - Prob. 9QCh. 9 - Prob. 11Q
Ch. 9 - Prob. 12QCh. 9 - Prob. 13QCh. 9 - Prob. 15QCh. 9 - Prob. 16QCh. 9 - 17. (a) Determine the ending inventory under the...Ch. 9 - Prob. 18QCh. 9 - Prob. 19QCh. 9 - Prob. 20QCh. 9 - Prob. 1BECh. 9 -
BE9-2 (L01) Floyd Corporation has the following...Ch. 9 - Prob. 4BECh. 9 - Prob. 6BECh. 9 - Prob. 9BECh. 9 - Prob. 10BECh. 9 - Prob. 12BECh. 9 - Prob. 13BECh. 9 - Prob. 3ECh. 9 - Prob. 7ECh. 9 -
E9-9 (L03) (Relative Sales Value Method) Phil...Ch. 9 - Prob. 13ECh. 9 - Prob. 14ECh. 9 - Prob. 15ECh. 9 - Prob. 16ECh. 9 - Prob. 17ECh. 9 - Prob. 19ECh. 9 - E9-20 (L05) (Retail Inventory Method) Presented...Ch. 9 - Prob. 21ECh. 9 - Prob. 22ECh. 9 - Prob. 6PCh. 9 - P9-8 (L05) (Retail Inventory Method) The records...Ch. 9 - CA9-1 (LCNRV) You have been asked by the financial...Ch. 9 -
CA9-2 (LCNRV) The net realizable value of Lake...Ch. 9 - Prob. 3CACh. 9 - Prob. 4CACh. 9 - Prob. 5CACh. 9 - Prob. 6CACh. 9 - Prob. 7CACh. 9 - Prob. 2UJCh. 9 - Prob. 3UJCh. 9 - Prob. 4UJCh. 9 - Prob. 1CECh. 9 - Prob. 2CECh. 9 - Prob. 3CECh. 9 - Prob. 4CECh. 9 - Prob. 1CRCCh. 9 - Prob. 1ISTCh. 9 - Prob. 2ISTCh. 9 - Prob. 3ISTCh. 9 - Prob. 4ISTCh. 9 - Prob. 5ISTCh. 9 - Prob. 1ICACh. 9 - Prob. 3ICACh. 9 - Prob. 4ICACh. 9 - Prob. 5ICACh. 9 -
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