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Brooks Company carries three inventory items. The following information pertains to the ending inventory. Item Quantity Unit Cost Unit Market Value Item Quantity Unit
Brooks Company carries three inventory items. The following information pertains to the ending inventory.
Item Quantity Unit Cost Unit Market Value Item Quantity Unit Cost Unit Market Value A 18 $9 $8 F 235 13 12 K 176 6 9
Required
Determine the ending inventory that Brooks will report on the balance sheet, assuming that it applies the lowerofcostormarket rule to individual inventory items. Prepare the necessary journal entry, assuming the decline in value was immaterial.
Brooks Company carries three inventory items. The following information pertains to the ending inventory.
Item Quantity Unit Cost Unit Market Value
| Item | Quantity | Unit Cost | Unit Market Value |
|---|---|---|---|
| A | 18 | $9 | $8 |
| F | 235 | 13 | 12 |
| K | 176 | 6 | 9 |
Required
Determine the ending inventory that Brooks will report on the balance sheet, assuming that it applies the lowerofcostormarket rule to individual inventory items.
Prepare the necessary journal entry, assuming the decline in value was immaterial.
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Introductory Financial Accounting for Business
Authors: Thomas Edmonds, Christopher Edmonds
1st edition
1260299449, 978-1260299441
