Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. applying lower of cost or market value (lcm) to fo

Applying Lower of Cost or Market value (LCM) to following items to determine fare inventory...

80.2K

Verified Solution

Question

Accounting

Applying Lower of Cost or Market value (LCM) to following items to determine fare inventory value.

Make necessary Journal entry in case there is difference in inventory value compare to its original cost.

image

Product Inventory cost Sales Discount Sales Price Replacement Cost A 1,763 113 2,550 1,380 B 1,688 135 2,754 1,290 3,113 180 4,590 1,830 D 3,600 293 6,120 3,000 E 1,939 124 2,805 1,518 F 1,856 149 3,029 1,419 G 3,424 198 5,049 2,013 H 3,960 322 6,732 3,300 2,133 136 3,086 1,670

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: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students