Question
The following data refer to Issue Companys ending inventory: Item Code Quantity Unit Cost Unit Market Small 100 $57 $58 Medium 420 38 44 Large
The following data refer to Issue Companys ending inventory:
| Item Code | Quantity | Unit Cost | Unit Market |
|---|---|---|---|
| Small | 100 | $57 | $58 |
| Medium | 420 | 38 | 44 |
| Large | 600 | 42 | 44 |
| Extra-Large | 220 | 67 | 64 |
How much is the inventory if the lower of cost or net realizable value rule is applied to each item of inventory?
Select one:
a. $63,160
b. $60,940
c. $66,360
d. None of the above
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Fraud Risk Assessment Building A Fraud Audit Program
Authors: Leonard W. Vona
1st Edition
047012945X, 978-0470129456
