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The following inventory information was taken from the records of GlobeKom Ltd: Historical cost $12,000 Replacement cost $9,000 Expected selling price $10,000 Expected selling cost
The following inventory information was taken from the records of GlobeKom Ltd:
| Historical cost | $12,000 |
| Replacement cost | $9,000 |
| Expected selling price | $10,000 |
| Expected selling cost | $1,500 |
| Normal profit margin | 10% of selling price |
Under U.S. GAAP, what should be the market value for Inventory (assuming LCM method is used)?
| A. | $8,500 | |
| B. | $9,500 | |
| C. | $10,000 | |
| D. | $9,000 |
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Lean Audit The 20 Keys To World Class Operations A Health Check For Factory And Office
Authors: Joerg Muenzing
1st Edition
1514817829, 978-1514817827
