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Home Q & A Board Other Fields Homework Help Business Accounting
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gOOvER gOOvER
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7 years ago
Given the following data:

Ending inventory at cost    $23,600
Ending inventory at net realizable value    24,000
Cost of goods sold (before consideration of the
     lower-of-cost-and-net-realizable-value rule)   37,000

Which of the following depicts the proper account balance after the application of the lower-of-cost-and-net-realizable-value rule?
A) Ending inventory will be $24,000.
B) Cost of goods sold will be $36,400.
C) Cost of goods sold will be $37,400.
D) Ending inventory will be $23,600.
Textbook 
Accounting, Volume 1, Canadian Edition

Accounting, Volume 1, Canadian Edition


Edition: 9th
Authors:
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raovatallpyraovatallpy
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7 years ago
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gOOvER Author
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#2
6 years ago
Your help has been outstanding, keep it up!
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