The following information pertains to item #007SS of inventory of Marine Aquatic Sales, Inc.: Per unit Cost
Question:
The following information pertains to item #007SS of inventory of Marine Aquatic Sales, Inc.:
Per unit
Cost ……………………….. $180
Replacement cost …………... 181
Selling price ……………….. 195
The physical inventory indicates 2,000 units of item #007SS on hand. What amount will be reported on the Marine Aquatic Sales, Inc.’s balance sheet for this inventory item?
Balance SheetBalance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
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2000 units 180 ea...View the full answer
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Related Book For 
Financial Accounting: A Business Process Approach
ISBN: 978-0136115274
3rd edition
Authors: Jane L. Reimers
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