How do i find the less of cost goods in this question.<\/p>
<\/p>
A yearago, the replacement cost of ending inventory was <\/span>$ 12 comma 800<\/span><\/p> <\/p> $12,800<\/span>, which exceeded the cost of <\/span>$ 12 comma 000<\/span><\/p> <\/p> $12,000<\/span>. <\/span>Princeton<\/span><\/p> <\/p> Princeton<\/span> Garden Supplies has determined that the replacement cost of the <\/span>October<\/span><\/p> <\/p> October<\/span> 31, <\/span>2016<\/span><\/p> <\/p> 2016<\/span>, ending inventory is <\/span>$ 10 comma 800<\/span><\/p> <\/p> $10,800<\/span>.<\/span><\/p> Requirement<\/strong><\/p> 1.<\/strong><\/p> Prepare <\/span>Princeton<\/span><\/p> <\/p> Princeton<\/span> GardenSupplies' <\/span>2016<\/span><\/p> <\/p> 2016<\/span> income statement through gross profit to show how the company would apply thelower-of-cost-or-market rule to its inventories.<\/span><\/p> <\/p> <\/p> Inventory<\/p> Cost of Goods Sold<\/p> Sales Revenue<\/p> Beg bal<\/p> 12,000<\/p> <\/p> <\/strong><\/p> <\/p> <\/p> <\/strong><\/p> <\/p> <\/p> End bal<\/p> 15,500<\/p> <\/p> Bal<\/p> 68,000<\/p>",
"transcribed_text": "",
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