se the following to answer the question(s) below: Weldon Animal Feeds has developed the following data...

 

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se the following to answer the question(s) below: Weldon Animal Feeds has developed the following data to calculate lower of cost or market for its products, The individual products are listed individually among their categories of feed (in thousands): Large animals; Cattle Horse Small animals: Cat Dog Exotic pets: Ferret Iguana Product Cattle Horse Selling Price Cat Dog Ferret Iguana Inventory value $320 400 $360 120 $140 70 Cost Cost $160 400 320 90 112 48 $160 400 $320 90 $112 48 The costs to sell are 20% of the selling price and the normal profit margin on all feed is 25% of the selling price. 21) Required: Determine the reported inventory value assuming the lower of cost or market rule is applied to individual animal feed products. Cost to Replace RC $170 325 $280 40 $98 21 NRV NRV-NPM Designated Market Lower of Cost or Market se the following to answer the question(s) below: Weldon Animal Feeds has developed the following data to calculate lower of cost or market for its products, The individual products are listed individually among their categories of feed (in thousands): Large animals; Cattle Horse Small animals: Cat Dog Exotic pets: Ferret Iguana Product Cattle Horse Selling Price Cat Dog Ferret Iguana Inventory value $320 400 $360 120 $140 70 Cost Cost $160 400 320 90 112 48 $160 400 $320 90 $112 48 The costs to sell are 20% of the selling price and the normal profit margin on all feed is 25% of the selling price. 21) Required: Determine the reported inventory value assuming the lower of cost or market rule is applied to individual animal feed products. Cost to Replace RC $170 325 $280 40 $98 21 NRV NRV-NPM Designated Market Lower of Cost or Market

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Lower of cost or Market rule Categories of feed products Designated market value Replace... View the full answer