9. Jones Company is preparing the annual financial statements dated December 31 of the current...
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Accounting
9. Jones Company is preparing the annual financial statements dated December 31 of the current year. Ending inventory information about the five major items stocked for regular sale follows:
ENDING INVENTORY, CURRENT YEAR
Item
Quantity on Hand
Unit Cost When Acquired (FIFO)
Net Realizable Value (Market) at Year-End
A
69
$
20
$
23
B
99
48
38
C
29
60
56
D
89
38
33
E
369
13
18
Required:
Compute the valuation that should be used for the current year ending inventory using the LCM rule applied on an item-by-item basis.
9. Jones Company is preparing the annual financial statements dated December 31 of the current year. Ending inventory information about the five major items stocked for regular sale follows: ENDING INVENTORY, CURRENT YEAR Net Realizable Quantity on Hand Unit Cost When Acquired Value (Market) at Year-End $ 23 (FIFO) $ 20 48 60 69 38 29 89 369 13 18 Required Compute m-by-item basis the valuation that should be used for the current year ending inventory using the LCM rule applied on an ite LCM Item Quantity Total cost Market Valuation 89 E 369 Total
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