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soldier1979 [14.2K]
2 years ago
14

Waltham Distribution Company has determined its December 31, 2020, inventory on a LIFO basis at $200,000. Information pertaining

to that inventory follows.
Estimated selling price $208,000
Estimated cost of disposal 10,000
Normal profit margin 6,000
Current replacement cost 190,000

Waltham Distribution records losses that result from applying the lower-of-cost-or-market rule. At December 31, 2012, the loss that Ryan should recognize (Under US GAAP) is:_____
Business
1 answer:
Bess [88]2 years ago
8 0

Answer:

$10,000

Explanation

Calculation for Waltham Distribution should records losses that result from applying the lower-of-cost-or-market rule. At December 31, 2012, the loss that Ryan should recognize (Under US GAAP) is

Using this formula

lower-of-cost-or-market rule Loss=Inventory- Current replacement cost

Let plug in the formula

lower-of-cost-or-market rule Loss= $200,000 – $190,000

lower-of-cost-or-market rule Loss= $10,000

Therefore Waltham Distribution should records losses that result from applying the lower-of-cost-or-market rule. At December 31, 2012, the loss that Ryan should recognize (Under US GAAP) is $10,000

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