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TWUIR Saved Sanchez Company was formed on January 1 of the current year and...

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Accounting

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TWUIR Saved Sanchez Company was formed on January 1 of the current year and is preparing the annual financial statements dated December 31, current year. Ending inventory information about the four major items stocked for regular sale follows: ENDING INVENTORY, CURRENT YEAR Net Realizable Quantity Value (Market) Acquired (FIFO) at Year-End Unit Cost When Item A B D on Hand 30 55 35 15 $ 20 40 52 27 $ 15 44 55 32 Required: 1. Compute the valuation that should be used for the current year ending inventory using lower of cost or net realizable value applied on an item-by-item basis. 2. What will be the effect of the write-down of inventory to lower of cost or net realizable value on cost of goods sold for the year ended December 31, current year? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the valuation that should be used for the current year ending inventory using lower of cost or net realizable value applied on an item-by-item basis. Total Not Realizable Lower of Cost or Item Quantity Total Cost Next 8 of 8

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