The following information is available for the Century Trading: Product A B C D Cost $102 $45 $24 $9 Estimated sales price 120 60 30 15 Estimated disposal costs 15 18 8 5 Number of units 4,000 6,000 5,500 7,200 REQUIRED: Using the lower of cost and net realizable value, determine the total inventory value to be presented in Centurys Trading's statement of financial position.
The following information is available for the Century Trading: Product A B C D Cost $102 $45 $24 $9 Estimated sales price 120 60 30 15 Estimated disposal costs 15 18 8 5 Number of units 4,000 6,000 5,500 7,200 REQUIRED: Using the lower of cost and net realizable value, determine the total inventory value to be presented in Centurys Trading's statement of financial position.
Financial & Managerial Accounting
13th Edition
ISBN:9781285866307
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
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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The following information is available for the Century Trading:
Product | A | B | C | D |
Cost | $102 | $45 | $24 | $9 |
Estimated sales price | 120 | 60 | 30 | 15 |
Estimated disposal costs | 15 | 18 | 8 | 5 |
Number of units | 4,000 | 6,000 | 5,500 | 7,200 |
REQUIRED:
Using the lower of cost and net realizable value, determine the total inventory value to be presented in Centurys Trading's
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