P T Jewelers bought 1 kg of gold during the year at the rate of 18,000
Question:
P T Jewelers bought 1 kg of gold during the year at the rate of ₹ 18,000 per ten grams. At the end of the year, half of the gold is still unsold. The current market price of the gold is ₹ 21,000 per ten grams. At what value the gold inventory should be shown in the financial statements of P T Jewelers? What will be your answer if the current market price of gold is ₹ 17,000 per ten grams? State the principle involved.
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Step by Step Answer:
Applying the Lower of Cost or Market LCM Principle P T Jewelers should show the gold inventory at th...View the full answer
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