Consider the following information pertaining to OldWest's inventory:NetRealizableValue$1572644ProductRevolversQuantity Cost$12631541427SpursHats11At what amount should OldWest report its inventory?

Formula: Inventory value = Quantity x lower of cost or NRV

Consider the following information pertaining to OldWest's inventory: Net Realizable Value $157 Product Revolvers Quantity Cost 14 27 11 $126 31 Spurs Hats 26 54 44 At what amount should OldWest report its inventory?

Consider the following information pertaining to OldWest's inventory: Net Realizable Value $157 Product Revolvers Quantity Cost 14 27 11 $126 31 Spurs Hats 26 54 44 At what amount should OldWest report its inventory?

Corporate Financial Accounting

15th Edition

ISBN:9781337398169

Author:Carl Warren, Jeff Jones

Publisher:Carl Warren, Jeff Jones

Chapter6: Inventories

Section: Chapter Questions

Problem 7DQ: Using the following data, how should the inventory be valued under lower of cost or market? Original...

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Question

Consider the following information pertaining to OldWest's inventory:
Net
Realizable
Value
$157
26
44
Product
Revolvers
Quantity Cost
$126
31
54
14
27
Spurs
Hats
11
At what amount should OldWest report its inventory?

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