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Item X Cost 200,000 Replacement cost Estimated cost to convert materials into finished goods Estimated selling price of finished goods Estimated cost to sell 180,000 100,000 320,000 10,000

Item X Cost 200,000 Replacement cost Estimated cost to convert materials into finished goods Estimated selling price of finished goods Estimated cost to sell 180,000 100,000 320,000 10,000

FINANCIAL ACCOUNTING
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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The following figures relate to inventory of materials held by Axew Corporation at December 31: Item X Item Y Cost 200,000 400,000 Replacement cost Estimated cost to convert materials into finished goods Estimated selling price of finished goods Estimated cost to sell 180,000 370,000 100,000 200,000 320,000 610,000 10,000 15,000 9. What is the measurement of inventory in the statement of financial position? Item X Item Y а. 200,000 400,000 b. 180,000 370,000 c. 200,000 370,000 d. 210,000 395,000 10. Axew Corporation should recognize loss on write-down of inventory of materials of а. 30,000 b. 20,000 с. 10,000 d. 0
Transcribed Image Text:The following figures relate to inventory of materials held by Axew Corporation at December 31: Item X Item Y Cost 200,000 400,000 Replacement cost Estimated cost to convert materials into finished goods Estimated selling price of finished goods Estimated cost to sell 180,000 370,000 100,000 200,000 320,000 610,000 10,000 15,000 9. What is the measurement of inventory in the statement of financial position? Item X Item Y а. 200,000 400,000 b. 180,000 370,000 c. 200,000 370,000 d. 210,000 395,000 10. Axew Corporation should recognize loss on write-down of inventory of materials of а. 30,000 b. 20,000 с. 10,000 d. 0
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