Question
Bonita Company developed the following information about its inventories in applying the lower-of-cost-or-net realizable value (LCNRV) basis in valuing inventories: Product Cost Net Realizable Value
Bonita Company developed the following information about its inventories in applying the lower-of-cost-or-net realizable value (LCNRV) basis in valuing inventories:
| Product | Cost | Net Realizable Value |
|---|---|---|
| A | $122000 | $125000 |
| B | 75000 | 70000 |
| C | 160000 | 164000 |
If Bonita applies the LCNRV basis, the value of the inventory reported on the balance sheet would be
$359000.
$352000.
$357000.
$364000.
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Financial Accounting Version 3.0
Authors: Leah Kratz, Joe Ben Hoyle, C. J. Skender
3rd Edition
1453392904, 9781453392904
