A company had been selling its product for $20 per unit, but recently lowered the selling price to $15 per unit. The company's current inventory consists of 200 units purchased for $16 per unit. The market value of this inventory is currently $13 per unit. 

At what amount should the company's inventory be reported on the balance sheet?

Answer rating: 100% (QA)

To determine the amount at which the companys inventory should be reported on the balance sheet we n... View the full answer