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E9-1 (Lower-of-Cost-or-Market) The inventory of 3T Company on December 31, 2008, consists of the following items

E9-1 (Lower-of-Cost-or-Market) The inventory of 3T Company on December 31, 2008, consists of the following items
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Solution Guide / Answer Key:

ACC/422 (ACC422)
INTERMEDIATE FINANCIAL ACCOUNTING II
University of Phoenix (UoP)

Kieso, D. E., Weygandt, J. J., & Warfield, T. D. (2007).
Intermediate accounting, (12th ed.) (13th Ed.)
Hoboken, NJ: John Wiley & Sons.

Week Three (Week 3)
Chapter 9 and Chapter 10
E9-1 (Lower-of-Cost-or-Market) The inventory of 3T Company on December 31, 2008, consists of the following items.

Part No. Quantity Cost per Unit Cost to Replace per Unit
110 600 $90 $100
111 1,000 60 52
112 500 80 76
113 200 170 180
120 400 205 208
121a 1,600 16 14
122 300 240 235
a Part No. 121 is obsolete and has a realizable value of $0.20 each as scrap.

Instructions
(a) Determine the inventory as of December 31, 2008, by the lower-of-cost-or-market method, applying this method directly to each item.
(b) Determine the inventory by the lower-of-cost-or-market method, applying the method to the total of the inventory.

 

FILE: MS WORD

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