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Current Attempt in Progress At May 31, Waterway Company has net sales of $360,000 and...

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Accounting

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Current Attempt in Progress At May 31, Waterway Company has net sales of $360,000 and cost of goods available for sale of $245,000. Compute the estimated cost of the ending inventory, assuming the gross profit rate is 35%, Estimated cost of ending inventory e Textbook and Media View Policies Current Attempt in Progress Lily Frame Camera Shop uses the lower-of-cost-or-net realizable value basis for its inventory. The following data are available at December 31 Item Units Cost per Unit Net Realizable Value per Unit Cameras: Minolta 7 $169 $155 Canon 7 150 152 Light Meters: Vivitar 14 121 112 Kodak 20 120 135 What amount should be reported for inventory on Lily Frame Camera Shop's balance sheet, assuming the lower-of-cost-or-net realizable value rule is applied? The ending Inventory $ Current Attempt in Progress Coronado Company applied FIFO to its inventory and got the following results for its ending inventory. Cameras Blu-ray players iPods 140 units at a cost per unit of $62 190 units at a cost per unit of $70 120 units at a cost per unit of $83 The net realizable value at year-end was cameras $74, Blu-ray players $68, and iPods $78, Determine the amount of ending inventory at lower-of-cost-or-net realizable value. 90 inventory

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