143 determine the total value of the merchandise using net realizable value doll 10 4298830
143. Determine the total value of the merchandise using Net Realizable Value:
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Doll |
10 |
$7 |
$2 |
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Horse |
5 |
9 |
3 |
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144. During the taking of its physical inventory on December 31, 2011, Gentry Supplies Company incorrectly counted its inventory as $245,000 instead of the correct amount of $254,000. Indicate the affect of the misstatement on Gentry Supplies Company’s balance sheet and income statement for the year ended December 31, 2011.
145. While taking a physical inventory, a company counts their inventory as less than the actual amount on hand. How will this error affect the income statement?
146. On the basis of the following data, determine the value of the inventory at the lower of cost or market. Apply lower of cost or market to each inventory item. Show your work.
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Item |
Inventory Quantity |
Unit Cost Price |
Unit Market Price |
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Product C |
420 |
$6 |
$5 |
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Product D |
370 |
12 |
14 |
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