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Then record necessary journal entries for both methods. Assume the company uses a perpetual inventory system. The following information pertains to Hagen Metal Work's ending
Then record necessary journal entries for both methods. Assume the company uses a perpetual inventory system.
The following information pertains to Hagen Metal Work's ending inventory for the current year: Item Quantity 290 280 76 71 Unit Cost $ 10 12 Unit Market Value $ 6 9 12 Required a. Determine the value of the ending inventory using the lower-of-cost-or-market rule applied to (1) each individual inventory item and (2) the inventory in aggregate. Ending Inventory Individual item method Aggregate method $ 5,740Step by Step Solution
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