Cinco Company determined the following information for an inventory at year-end: P2,000,000 1,400,000 1,800,000 1,700,000 1,900,000 Historical cost Current replacement cost Net realizable value Net realizable value less a normal profit margin Fair value A. P1,400,000 What amount should the inventory be reported at yearend? B. P1,700,000 C. P1,800,000 D. P1,900,000

Cinco Company determined the following information for an inventory at year-end: P2,000,000 1,400,000 1,800,000 1,700,000 1,900,000 Historical cost Current replacement cost Net realizable value Net realizable value less a normal profit margin Fair value A. P1,400,000 What amount should the inventory be reported at yearend? B. P1,700,000 C. P1,800,000 D. P1,900,000

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 2TP: Assume your company uses the periodic inventory costing method, and the inventory count left out an...

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