Question
The following information pertains to an inventory item: Cost $12.00 Estimated selling price $13.60 Estimated disposal cost $0.20 Normal gross margin $2.20 Replacement cost $10.90
The following information pertains to an inventory item:
Cost $12.00
Estimated selling price $13.60
Estimated disposal cost $0.20
Normal gross margin $2.20
Replacement cost $10.90
Under the lower-of-cost-or-market rule, this inventory item should be valued at?
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Auditing A Practical Approach
Authors: Robyn Moroney
1st Canadian Edition
978-1118472972, 1118472977, 978-1742165943
