Question
If the cost of an item of inventory is$80 and the current selling price is$75, the amount shown in inventory on the balance sheet under
If the cost of an item of inventory is$80 and the current selling price is$75, the amount shown in inventory on the balance sheet under thelower-of-cost-and-net realizable-value rule is_______.
(Choose the right one)
A.$75 or$80
B.$75
C.$80
D.$155
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Accounting Principles
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
7th Canadian Edition Volume 2
1119048478, 978-1119048473
