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Cheyenne Corp. Inc. uses the lower-of-cost-or-net realizable value basis for its inventory. The following data are available at December 31. Item Cameras: Minolta Canon Light meters: Vivitar Kodak Units Unit Cost Net Realizable Value 3 12 14 20 $177 143 The ending inventory $ 132 121 $158 178 100 140 What amount should be reported on Cheyenne Corp's financial statements, assuming the lower-of-cost-or-net realizable value rule is applied?

Cheyenne Corp. Inc. uses the lower-of-cost-or-net realizable value basis for its inventory. The following data are available at December 31. Item Cameras: Minolta Canon Light meters: Vivitar Kodak Units Unit Cost Net Realizable Value 3 12 14 20 $177 143 The ending inventory $ 132 121 $158 178 100 140 What amount should be reported on Cheyenne Corp's financial statements, assuming the lower-of-cost-or-net realizable value rule is applied?

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter8: Inventories: Special Valuation Issues
Section: Chapter Questions
Problem 2RE: Black Corporation uses the LIFO cost flow assumption. Each unit of its inventory has a net...
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Cheyenne Corp. Inc. uses the lower-of-cost-or-net realizable value basis for its inventory. The following data are available at December 31. Item Cameras: Minolta Canon Light meters: Vivitar Kodak Units Unit Cost Net Realizable Value 3 12 14 20 $177 143 The ending inventory $ 132 121 $158 178 100 140 What amount should be reported on Cheyenne Corp's financial statements, assuming the lower-of-cost-or-net realizable value rule is applied?
Transcribed Image Text:Cheyenne Corp. Inc. uses the lower-of-cost-or-net realizable value basis for its inventory. The following data are available at December 31. Item Cameras: Minolta Canon Light meters: Vivitar Kodak Units Unit Cost Net Realizable Value 3 12 14 20 $177 143 The ending inventory $ 132 121 $158 178 100 140 What amount should be reported on Cheyenne Corp's financial statements, assuming the lower-of-cost-or-net realizable value rule is applied?
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