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 ...

Correct Option is B Reason According to LCN ...

Given the following information for an inventory item of the Scottsdale Corporation: Cost $102 Replacement Cost $103

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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 answer-question

Fundamentals of Investments Valuation and Management

ISBN: 978-0077283292

5th edition

Authors: Bradford D. Jordan, Thomas W. Miller

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Posted Date: Aug 19, 2020 01:00 AM

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Given the following information for an inventory item of the Scottsdale Corporation: Cost $102 Replacement Cost $103

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Correct Option is B Reason According to LCN... View the full answer

Fundamentals of Investments Valuation and Management

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