You have been provided with the following information regarding R-Steel Inc.'s inventory for March, April, and May.

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You have been provided with the following information regarding R-Steel Inc.'s inventory for March, April, and May.

You have been provided with the following information regarding R-Steel

Instructions
(a) Calculate the cost and net realizable value of R-Steel's inventory at
(1) March 31,
(2) April 30,
(3) May 31.
(b) Prepare any journal entry required to record the LCNRV of the steel inventory at
(1) March 31,
(2) April 30,
(3) May 31. Assume that R-Steel uses a perpetual inventory system.
(c) Are there any differences in recording LCNRV for companies reporting using ASPE rather than IFRS?

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Related Book For  book-img-for-question

Financial Accounting Tools for Business Decision Making

ISBN: 978-1118644942

6th Canadian edition

Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine

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