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yulyashka [42]
3 years ago
13

Applying the lower of cost or market method, the reported value of this company's ending inventory if LCM is applied to individu

al items is _____.
Business
1 answer:
Naddik [55]3 years ago
7 0

Answer: $870

Explanation:

Using the lower of cost or market method, the prices the items will be recorded at will be:

  • Item 1 = $45 market price
  • Item 2 = $60 cost price
  • Item 3 = $25 market price

The total inventory will therefore be:

= Total value of item 1 + total value of item 2 + total value of item 3

= (45 * 5) + (60 * 7) + (9 * 30)

= 225 + 420 + 225

= $870

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Using government regulations to limit the import of goods and services is called
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3 years ago
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Answer:

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2 years ago
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4 0
3 years ago
On December 31 of the current year, Plunkett Company reported an ending inventory balance of $215,500. The following additional
marishachu [46]

Answer:

The amount that Plunkett should report in ending inventory on December 31 is $156,300

Explanation:

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3 years ago
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