Given the following information for an inventory item of the Scottsdale Corporation: Cost $102 Replacement Cost $103
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Question:
Given the following information for an inventory item of the Scottsdale Corporation:
Cost | $102 |
Replacement Cost | $103 |
Estimated Sales Price | $133 |
Normal Profit | $6 |
Cost of Completion | $13 |
Using the LCNRV Rule, the proper inventory amount for the balance sheet is:
a). $103
b). $102
c). $130
d). $124
e).120
Related Book For
Fundamentals of Investments Valuation and Management
ISBN: 978-0077283292
5th edition
Authors: Bradford D. Jordan, Thomas W. Miller
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