Selina claims single having one exemption. Her state tax deduction is 21% of her federal tax contribution. Calculate the amount
2 answers:
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Answer:
D) $235.
Explanation:
As we know that the inventory should be valued at cost or market value whichever is lower
In the given case
Selling price = $340
Net realizable value is
= Selling price - cost of sell
= $340 - $25
= $315
Replacement cost is $235
Cost = $250
As we can see that the replacement cost is less than the cost so the replacement cost should be valued i.e $235
