Weldon Animal Feeds has developed the following data in order to calculate the lower of cost or net realizable value for its products (in thousands). The products are listed within their category of feed product.

The costs to sell are 20% of selling price.
-Required: Determine the reported inventory value assuming the lower of cost or net realizable value rule is applied to individual types of feeds.

Question

Weldon Animal Feeds has developed the following data in order to calculate the lower of cost or net realizable value for its products (in thousands). The products are listed within their category of feed product.

The costs to sell are 20% of selling price. 
-Required: Determine the reported inventory value assuming the lower of cost or net realizable value rule is applied to individual types of feeds.

Quizplus · Accepted Answer

The Answer of Weldon Animal Feeds has developed the following data in order to calculate the lower of cost or net realizable value for its products (in thousands). The products are listed within their category of feed product.

The costs to sell are 20% of selling price. 
-Required: Determine the reported inventory value assuming the lower of cost or net realizable value rule is applied to individual types of feeds.

Weldon Animal Feeds Has Developed the Following Data in Order