APOL Company provided the following information related to the ending inventory of its Product X: Historical Cost – P6,800; Replacement cost – P7,000; Selling Price – P10,000; Cost to sell – P1,200; Cost to complete – P1,500. APOL measures its inventory at lower of cost and net realizable value. At what amount should the company’s inventory be reported in its Statement of Financial Position? 7,300 7,000 6,800 5,500
APOL Company provided the following information related to the ending inventory of its Product X: Historical Cost – P6,800; Replacement cost – P7,000; Selling Price – P10,000; Cost to sell – P1,200; Cost to complete – P1,500. APOL measures its inventory at lower of cost and net realizable value. At what amount should the company’s inventory be reported in its Statement of Financial Position? 7,300 7,000 6,800 5,500
Chapter18: Accounting Periods And Methods
Section: Chapter Questions
Problem 67P
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APOL Company provided the following information related to the ending inventory of its Product X: Historical Cost – P6,800; Replacement cost – P7,000; Selling Price – P10,000; Cost to sell – P1,200; Cost to complete – P1,500. APOL measures its inventory at lower of cost and net realizable value. At what amount should the company’s inventory be reported in its Statement of Financial Position ?
7,300
7,000
6,800
5,500
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