Iris Company has provided the following information regarding two of its items of inventory at year-end:
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Question:
Iris Company has provided the following information regarding two of its items of inventory at year-end:
• There are 175 units of Item A, having a cost of $15 per unit, a selling price of $19 and a cost to sell of $6 per unit.
• There are 125 units of Item B, having a cost of $45 per unit, a selling price of $51 and a cost to sell of $4 per unit.
How much is the ending inventory using lower of cost or net realizable value?
Related Book For
Intermediate Accounting
ISBN: 978-0132162302
1st edition
Authors: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella
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