Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. 9 company reported to following information on its

9 Company reported to following information on its two inventory items on December 31, Year...

90.2K

Verified Solution

Question

Accounting

9 Company reported to following information on its two inventory items on December 31, Year 1.

Item Cost Net Realizable value Replacement cost Net Realizable value - normal profit
A $58,000 $60,000 $55,000 $51,000
B 61,000 62,000 65,000 58,000

Company uses the first-in, first-out (FIFO) inventory cost flow assumption and applies inventory valuation rules to inventory as a whole.

Determine the inventory balance Company should report on the balance sheet at December 31, Year 1.

Note: Give your answer using dollar signs and commas but no decimal points (cents). Example: $12,345

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Given the following pmf f(x,y), calculate mx, my, sx, sy, sxy, pxy, and E[2.5x2-10y3-8x3y2+3] x2 is the same as...

Statistics
Q

How does an ICT organisation HR Manager Report and presentation to the Board on the links...

Operations Management
Q

we find that there is an opportunity for a potential organ transplant recipient to decrease their...

Biology
Q

Explain how Cl⁻ can be determined by cathodic stripping voltammetry at a silver-working electrode.

Chemistry
Q

Q5 : A PV module is installed in Baghdad city on (19 January) with slope angle...

Mechanical Engineering
Q

The potential energy U in Joule of a particle of mass 1kg moving in x...

Physics
Q

Select all the statements 2 Show your work here SR RT 18 QR RT The...

Geometry
Q

used car salesman earns 2 9 on the sale of a car that sells for...

Calculus
Q

Question 18 Que In relation to compensation payments, which of the...

Accounting
Q

KLF Electronics is an American manufacturer of electronic equipment. The company has a single manufacturing...

Accounting
Q

Delta Company produces a single product. The cost of producing and selling a single unit...

Accounting
Q

You (Steven Rohrbacher) are a relatively recent hire to the Hartz & Co., a local...

Accounting