The December 31 2019 Inventory Of Gwynn Company Consisted Of Four Products For Which Certain Information Is Provided B 1 (36.28 KiB) Viewed 191 times
Below is what I've come up with so far need help with the
designated market price and finding the LCM for each item.
The December 31, 2019 inventory of Gwynn Company consisted of four products, for which certain information is provided below. Replacement Estimated Expected Product Original Cost Cost Disposal Cost Selling Price Normal Profit А $25.00 $22.00 $6.50 $40.00 $8.00 B $42.00 $40.00 $12.00 $48.00 $12.00 с $120.00 $115.00 $25.00 $190.00 $57.00 D $18.00 $15.80 $3.00 $26.00 $2.60 ICO Instructions Using the lower-of-cost-or-market approach applied on an individual-item basis, compute the inventory valuation that should be reported for each product on December 31, 2019.
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