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quester [9]
3 years ago
11

Taylor Entertainment Center has 5 TVs on hand at the balance sheet date that cost $400 each. The net realiz- able value is $350

per unit. Under the lower-of-cost-or- net realizable value basis of accounting for inventories, what value should Taylor report for the TVs on the balance sheet? Why?
Business
1 answer:
faltersainse [42]3 years ago
4 0

Answer:

Under the lower-of-cost-or- net realizable value basis of accounting for inventories, the value that Taylor should report for the TVs on the balance sheet is $350 × 5 = $1,750

Explanation:

The lower-of-cost-or- net realizable value basis of accounting for inventories values inventory at the lower of its cost or net realizable value. This basis of accounting gives a <em>faithful representation</em> to the users of the value of assets in inventory that firm holds. This is  also <em>prudent</em> in that profits are not overstated in the Income statement.

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