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Jeremiah Sugar Company has the policy of valuing inventory at lower of cost and net realizable value. Data pertaining to its three classes of sugar products are as follows: Splendid Regular White Muscuvado Estimated selling price/unit P3,000 P2,000 P2,500 Estimated cost to sell/unit 600 400 500 Cost per unit 2,500 1,500 1,300 Number of units (in 50 kilo bags) 200 500 250 How much inventory should be shown in the company's Dec. 31 statement of financial position?

Jeremiah Sugar Company has the policy of valuing inventory at lower of cost and net realizable value. Data pertaining to its three classes of sugar products are as follows: Splendid Regular White Muscuvado Estimated selling price/unit P3,000 P2,000 P2,500 Estimated cost to sell/unit 600 400 500 Cost per unit 2,500 1,500 1,300 Number of units (in 50 kilo bags) 200 500 250 How much inventory should be shown in the company's Dec. 31 statement of financial position?

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 2E: Inventory Write-Down Stiles Corporation uses the FIFO cost flow assumption and is in the process of...
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Jeremiah Sugar Company has the policy of valuing inventory at lower of cost and net realizable value. Data pertaining to its three classes of sugar products are as follows: Splendid Regular White Muscuvado Estimated selling price/unit P3,000 P2,000 P2,500 Estimated cost to sell/unit 600 400 500 Cost per unit 2,500 1,500 1,300 Number of units (in 50 kilo bags) 200 500 250 How much inventory should be shown in the company's Dec. 31 statement of financial position?
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