Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN: 9781947172685
Author: OpenStax
Publisher: OpenStax College
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Jenks Company developed the following information about its
inventories in applying the cost or market (LCM) basis in valuing
inventories:
Product Cost
Market
A
B
C
$ 55,000
$ 60,000
$ 40,000 $38,000
$80,000 $81,000
If Jenks applies the LCM basis, the value of the inventory reported
on the balance sheet would be:
A. $175,000
B. $171,000
C. $173,000
D. $181,000
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Transcribed Image Text:Jenks Company developed the following information about its inventories in applying the cost or market (LCM) basis in valuing inventories: Product Cost Market A B C $ 55,000 $ 60,000 $ 40,000 $38,000 $80,000 $81,000 If Jenks applies the LCM basis, the value of the inventory reported on the balance sheet would be: A. $175,000 B. $171,000 C. $173,000 D. $181,000
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