Question
Wildhorse Co. developed the following information about its inventories in applying the lower-of-cost-or-net-realizable-value(LCNRV) basis in valuing inventories: Product Cost Market A $123000 $130000 B 86000
Wildhorse Co. developed the following information about its inventories in applying the lower-of-cost-or-net-realizable-value(LCNRV) basis in valuing inventories:
| Product | Cost | Market | ||
|---|---|---|---|---|
| A | $123000 | $130000 | ||
| B | 86000 | 82000 | ||
| C | 173000 | 175000 |
After Wildhorse Co. applies the LCNRV rule, the value of the inventory reported on the balance sheet would be
$378000.
$391000.
$387000.
$382000.
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Frank Woods Business Accounting Volume 1
Authors: Alan Sangster Lewis Gordon Frank Wood
14th Edition
1292208627, 9781292208626
