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
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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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
188,000
300,000
Selling price
Estimated cost to complete
Replacement cost
Normal profit margin as a
360,000
250,000
360,000
48,000
50,000
68,000
208,000
168,000
318,000
percentage of selling price
25%
25%
10%
What is the measurement of the work in process inventory?
Transcribed Image Text: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 240,000 188,000 300,000 Selling price Estimated cost to complete Replacement cost Normal profit margin as a 360,000 250,000 360,000 48,000 50,000 68,000 208,000 168,000 318,000 percentage of selling price 25% 25% 10% What is the measurement of the work in process inventory?
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