Montana Co. has determined its year-end inventory on a FIFO basis to be $606,000. Information pertaining to
Fantastic news! We've Found the answer you've been seeking!
Question:
Montana Co. has determined its year-end inventory on a FIFO basis to be $606,000. Information pertaining to that inventory is as follows.
Selling price = $620,000
Disposal costs = $33,000
Normal profit margin = $72,000
Replacement cost = $528,000
What should be the carrying value of Montana's inventory?
Related Book For
Intermediate accounting
ISBN: 978-0077647094
7th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson
Posted Date: