Question: Question 31 Given the following information for an inventory item of the Scottsdale Corporation: Not yet answered $118 Points out of 3.00 Cost Replacement Cost

Question 31 Given the following information for an inventory item of

Question 31 Given the following information for an inventory item of the Scottsdale Corporation: Not yet answered $118 Points out of 3.00 Cost Replacement Cost Estimated Sales Price Normal Profit Cost of Completion $ 98 $130 $ 6 $ 13 Flag question Using the LCNRV Rule, the proper inventory amount for the balance sheet is: Select one: a. $98 b. $124 c. $118 d. $117 e. $111 Ouestion 32 When the LIFO method is used, ending inventory is assumed to consist of: Not yet answered Points out of 3.00 Select one: a. The most recently purchased units Ob. The oldest units Flag question c. The units with the highest per unit cost d. The units with the lowest per unit cost

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