Question
Data related to the inventories of Florida Water Sports is presented below: Jet Skis Kayaks Paddle Boards Scuba Gear Selling price $180,000 $140,000 $120,000 $65,000
Data related to the inventories of Florida Water Sports is presented below:
|
| Jet Skis | Kayaks | Paddle Boards | Scuba Gear |
| Selling price | $180,000 | $140,000 | $120,000 | $65,000 |
| Cost | 128,000 | 133,000 | 90,000 | 55,000 |
| Replacement cost | 120,000 | 130,000 | 110,000 | 48,000 |
| Sales commission | 18,000 | 14,000 | 12,000 | 12,000 |
| Normal Profit | 10,000 | 7,000 | 6,000 | 3,000 |
Required:
Compute the Lower of Cost or Net Realizable Value for each inventory category.
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Financial Accounting Preparing Financial Statements AAT Level 3 Study Text And Exam Practice Kit
Authors: MarZar Ltd
1st Edition
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