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9. Jones Company is preparing the annual financial statements dated December 31 of the current...

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Accounting

9. Jones Company is preparing the annual financial statements dated December 31 of the current year. Ending inventory information about the five major items stocked for regular sale follows:

ENDING INVENTORY, CURRENT YEAR
Item Quantity on Hand Unit Cost When Acquired (FIFO) Net Realizable Value (Market) at Year-End
A 69 $ 20 $ 23
B 99 48 38
C 29 60 56
D 89 38 33
E 369 13 18

Required:

Compute the valuation that should be used for the current year ending inventory using the LCM rule applied on an item-by-item basis.

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9. Jones Company is preparing the annual financial statements dated December 31 of the current year. Ending inventory information about the five major items stocked for regular sale follows: ENDING INVENTORY, CURRENT YEAR Net Realizable Quantity on Hand Unit Cost When Acquired Value (Market) at Year-End $ 23 (FIFO) $ 20 48 60 69 38 29 89 369 13 18 Required Compute m-by-item basis the valuation that should be used for the current year ending inventory using the LCM rule applied on an ite LCM Item Quantity Total cost Market Valuation 89 E 369 Total

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