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Inessa [10]
3 years ago
15

The balance sheet value of a firm's inventory is $60,000. Suppose that the firm purchases supplies at a cost of $3,500 and adds

them to inventory. A day later, the market value of the recently purchased supplies changes to $1,000.
Assuming no other changes to inventory, and using the historical cost method, what is the final balance sheet value of inventory?
Note: Students with prior accounting experience should not apply the monthly "lower of cost or market" adjustment. This is a day-to-day fluctuation.
Business
1 answer:
Andreyy893 years ago
3 0

Answer:

$63,500

Explanation:

Calculatuon to determine the Final balance sheet value of inventory using the historical cost method

Using this formula

Final balance sheet value of inventory=Balance sheet value of firm's inventory+Supplies

Let plug in the formula

Final balance sheet value of inventory= $60,000+$3,500

Final balance sheet value of inventory= $63,500

Therefore Final balance sheet value of inventory is $63,500

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