Data on the physical inventory for a company as of December 31, are given below:

Assuming the company applies the lower-of-cost-or net realizable value rule on the inventory by major category of items, the inventory balance reported on the Balance Sheet as of December 31 will be:
A) $33,000
B) $33,100
C) $33,300
D) $33,400

Question

Data on the physical inventory for a company as of December 31, are given below:

Assuming the company applies the lower-of-cost-or net realizable value rule on the inventory by major category of items, the inventory balance reported on the Balance Sheet as of December 31 will be:
A) $33,000 
B) $33,100 
C) $33,300 
D) $33,400

Quizplus · Accepted Answer

The Answer of Data on the physical inventory for a company as of December 31, are given below:

Assuming the company applies the lower-of-cost-or net realizable value rule on the inventory by major category of items, the inventory balance reported on the Balance Sheet as of December 31 will be:
A) $33,000 
B) $33,100 
C) $33,300 
D) $33,400

Data on the Physical Inventory for a Company as of December