21. Feldman Company has the following inventory information for the current year: Item 1A 2A...
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21. Feldman Company has the following inventory information for the current year: Item 1A 2A 4A Quantity 100 150 50 200 Unit Cost $34 16 25 41 Replacement Cost $36 13 20 36 Net Realizable Value $45 19 21 35 Floor $41 14 18 34 Determine the total inventory cost to appear on Feldman's balance sheet under the lower of cost or market rule assuming 1. The rule is applied to inventory as a whole. 2. The rule is applied on an item-by-item basis. 22. Compute the missing numbers in the following income statements: Sales revenue Beginning inventory Purchases Purchase returns and allowances Ending inventory Cost of goods sold Gross margin Expenses Net income (or loss) Year 1 $25,000 6,200 15,300 500 (1). (2) 7,000 3,800 (3) Year 2 (4) (5) $21,000 300 (6) 16,000 17,500 (7). 9,800
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