Question
Determine the proper carrying value of each inventory item using the lower of cost or market method. Item Cost Replacement Cost Estimated Sales Price Disposal
Determine the proper carrying value of each inventory item using the lower of cost or market method.
| Item | Cost | Replacement Cost | Estimated Sales Price | Disposal Costs | Normal Profit |
| A | 11.00 | 10.00 | 16.00 | 1.80 | 4.00 |
| B | 12.00 | 12.00 | 20.00 | 1.60 | 2.50 |
| C | 5.00 | 4.00 | 9.50 | 1.90 | 1.00 |
| D | 14.00 | 15.00 | 15.00 | 2.40 | 3.50 |
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Fundamental Accounting Principles Volume II
Authors: Larson Kermit, Jensen Tilly
14th Canadian Edition
71051570, 0-07-105150-3, 978-0071051576, 978-0-07-10515, 978-1259066511
