P3. The December 31, 2019 inventory of the COYOTE Co. consisted of 3 products, for...
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P3. The December 31, 2019 inventory of the COYOTE Co. consisted of 3 products, for which certain information is provided below. Original Replacement Est. Disposal Selling Normal Profit Product Cost Cost Cost Price on Sales A $300 $260 $100 $400 20% B 400 440 80 500 15 500 400 600 10 120 Instructions: Using the lower of cost or market approach on an individual item basis, 1) Compute the inventory valuation that should be reported for each product on 12/31/2019. 2) Prepare journal entries for any loss due to MV down on 12/31/2019
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