20. Gracia Company used the lower of cost or net realizable value method to value inventory. Dataregarding the items in work in process inventory are presented below:MarkersPensHighlightersHistorical cost240,000188,000300,000Selling priceEstimated cost to completeReplacement costNormal profit margin as a360,000250,000360,00048,00050,00068,000208,000168,000318,000percentage of selling price25%25%10%What is the measurement of the work in process inventory?

Answer: Inventory valuation : Lower of Cost or Net Realizable Value Answer: Measurement of Work in…

20. Gracia Company used the lower of cost or net realizable value method to value inventory. Data regarding the items in work in process inventory are presented below: Markers Pens Highlighters Historical cost 240,000 360,000 48,000 188,000 300,000 Selling price Estimated cost to complete 250,000 50,000 360,000 68,000 Replacement cost Normal profit margin as a 208,000 168,000 318,000 percentage of selling price 25% 25% 10% What is the measurement of the work in process inventory?

20. Gracia Company used the lower of cost or net realizable value method to value inventory. Data regarding the items in work in process inventory are presented below: Markers Pens Highlighters Historical cost 240,000 360,000 48,000 188,000 300,000 Selling price Estimated cost to complete 250,000 50,000 360,000 68,000 Replacement cost Normal profit margin as a 208,000 168,000 318,000 percentage of selling price 25% 25% 10% What is the measurement of the work in process inventory?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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