Sam Retail Store has many items of each of its products in the year end inventory....
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Sam Retail Store has many items of each of its products in the year end inventory. The cost data and the replacement market price each of the products is presented as follows: Products: Electronic Guitars (10) HD Televisions (5 ft) (50) Personal computers (200) Desk Top Computers (100) Cost $ 800 $1,200 500 900 Market $ 700 $1,500 450 910 y The Amount shown in parenthesis is the total number of units on hand. What amount should Sam Retail Store report in its year-end Balance Sheet as inventory under the Lower -of- Cost or Market Inventory Method? Show computation. Sam Retail Store has many items of each of its products in the year end inventory. The cost data and the replacement market price each of the products is presented as follows: Products: Electronic Guitars (10) HD Televisions (5 ft) (50) Personal computers (200) Desk Top Computers (100) Cost $ 800 $1,200 500 900 Market $ 700 $1,500 450 910 y The Amount shown in parenthesis is the total number of units on hand. What amount should Sam Retail Store report in its year-end Balance Sheet as inventory under the Lower -of- Cost or Market Inventory Method? Show computation.
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