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3 years ago

Consider the following information pertaining to OldWest's inventory:

Business

1 answer:

kipiarov [429]3 years ago

4 0

Answer:

$2,664

Explanation:

Generally Acceptable Accounting Principles requires that the closing inventory should be valued at lower of cost and Net realizable value.

Product Quantity Total Cost Total Net Realizable Value

Revolvers 13 $126 $155

Spurs 22 $32 $27

Hats 9 $58 $48

Choosing Which one is lower for each product

Product Quantity Rate Total Value

Revolvers 13 $126 $1,638

Spurs 22 $27 $ 594

Hats 9 $48 $432

Total Closing Inventory Value = $1,638 + $594 + $432 = $2664

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3 years ago

Which of the following situations leads to an unplanned increase in inventories of $2.0 trillion? A. real GDP = $5.0 trillion an

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