Assume Bob's Boards has the following LIFO perpetual inventory record for skateboards for the month of March:

Question:

Skateboards Cost of Inventory on Hand $ 9,460 Date Purchases Goods Sold Mar 1 $1,670 $11,130 $ 8,990 $2,140 19 $1,810 30

At March 31, the accountant for Bob’s Boards determines that the current replacement cost of the ending inventory is $10,640. Make any adjusting entry needed to apply the lower-of-cost-or-market rule. Inventory would be reported on the balance sheet at what value on March 31?

Ending Inventory
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =... Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...