Question
The following data refer to Chavis Companys ending inventory: Item code Quantity Unit Cost Unit Market Small Shirts 45 $32 $38 Medium Shirts 60 46
The following data refer to Chavis Company’s ending inventory: Item code Quantity Unit Cost Unit Market Small Shirts 45 $32 $38 Medium Shirts 60 46 44 Large Shirts 65 42 40 Extra-Large Shirts 35 54 53 Determine the cost of ending inventory if the lower of cost or market rule is applied on an individual item basis.
A. $8,535
B. $8,805
C. $8,812
D. $8,814
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
