Question

Assume that Dog Town Boards has the following LIFO perpetual inventory record for snowboards for the month of March:


At March 31, the accountant for Dog Town Boards determines that the current replacement cost of the ending inventory is $10,730. Make any adjusting entry needed to apply the lower-of-cost-or-market rule. Inventory would be reported on the balance sheet at what value on March31?


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  • CreatedApril 29, 2014
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