w History Bookmarks Window Help 50pts)-ENT 210 Acc 1 hour, 03 minutes, 16 second

Question

w History Bookmarks Window Help 50pts)-ENT 210 Acc 1 hour, 03 minutes, 16 seconds. QUESTION 18 Never Company developed the following information about its inventories in applying the lower of cost-or-market (LCM) basis in valuing inventories: Market 120,000 76,000 162,000 114,000 160,000 If Never applies the LCM basis, the value of the inventory reported on the balance sheet would be $354,000. $358,000. $350,000 $362,000 Click Sune and Sahmit to save and sbmit. Ciek Sase All Answers to se ll ansieers Save All A F3 F4 FS FS

Explanation / Answer

18) Inventory under LCM method :

So answer is a) $354000

20) Journal entry :

So answer is c)

22) Journal entry :

So answer is d)

Cost Product A 114000 Product B 80000 Product D 160000 Total 354000

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