P3,000,000, and the allowance for inventory writedown before At year-end, Julie Company reported ending inventory at any adjustment at P150,000. Product 1 Product 2 Product 2 Product 3 Historical cost Replacement cost Sales price Net realizable value 550,000 Normal profit 800,000 900,000 1,200,000 1,000,000 1,200,000 1,300,000 1,100,000 150,000 700,000 1,000,000 1,250,000 950,000 300,000 500,000 600,000 1,000,000 350,000 300,000 250,000 What amount of loss on inventory writedown should be included in cost of goods sold? a. 100,000 b. 200,000
P3,000,000, and the allowance for inventory writedown before At year-end, Julie Company reported ending inventory at any adjustment at P150,000. Product 1 Product 2 Product 2 Product 3 Historical cost Replacement cost Sales price Net realizable value 550,000 Normal profit 800,000 900,000 1,200,000 1,000,000 1,200,000 1,300,000 1,100,000 150,000 700,000 1,000,000 1,250,000 950,000 300,000 500,000 600,000 1,000,000 350,000 300,000 250,000 What amount of loss on inventory writedown should be included in cost of goods sold? a. 100,000 b. 200,000
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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