Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A company has three types of products gadgets, widgets and gamot. The cost and market price of each type is leted below. Complete the table

image text in transcribed
A company has three types of products gadgets, widgets and gamot. The cost and market price of each type is leted below. Complete the table by applying the lower of cost and net reliable a LCNRV) Dententer dollar signs or comment in the input bones LCNRV Applied to Description Category Gost NRV Individual Category latal Gadget Type Gadgets 51,050 $950 950 Gadget Type 2 Gadgets 35.900 55,300 5300 Total Gadgets 0950 $6250 Widget A Widgets $100 $150 S 100 Widget Widgets $130 3210130 Total Widgets 230 360 $ Glamot Gm 51.620 $1600 $ 1630 22 GOS 52120 36550 1550 Total Gramos 1940 3180 $3100 Grand Total 51120 9790 9660 59660 40230 y 230

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Sound Investing, Chapter 6 - Valuation Of Assets And Liabilities

Authors: Kate Mooney

1st Edition

0071719288, 9780071719285

More Books

Students also viewed these Accounting questions

Question

What are the advantages and disadvantages to each form of business?

Answered: 1 week ago

Question

Contrast compensation and overcompensation in Adlers theory.

Answered: 1 week ago