FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Market Efficiency
Market efficiency refers to the market's ability to provide investors with all available information about investment options for buying and selling securities. Market efficiency reflects the true value of securities without undervaluing or overvaluing t…
Question
7
(Inventory Write-down) 7. Remo Company sells a variety of merchandise to its customers. On December 31, 2022, the balance of Esplanade's ending inventory account was P750,000, and the allowance for inventory write down account before any adjustment was P37,500. Relevant information about the proper valuation of inventories and the breakdown of inventory cost and market data at December 31, 2022, are as follows: Replacement Normal Cost Sales Price NRV Cost Profit Bags 200,000 225,000 300,000 137,500 62,500 Shoes 300,000 300,000 325,000 275,000 37,500 Clothing 175,000 250,000 312,500 237,500 75,000 Lingerie 125,000 150,000 250,000 87,500 75,000 How much loss on inventory write-down is included in 2022 cost of sales? a. 125,000 b. 87,500 c. 62,500 d. 25,000
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Transcribed Image Text:(Inventory Write-down) 7. Remo Company sells a variety of merchandise to its customers. On December 31, 2022, the balance of Esplanade's ending inventory account was P750,000, and the allowance for inventory write down account before any adjustment was P37,500. Relevant information about the proper valuation of inventories and the breakdown of inventory cost and market data at December 31, 2022, are as follows: Replacement Normal Cost Sales Price NRV Cost Profit Bags 200,000 225,000 300,000 137,500 62,500 Shoes 300,000 300,000 325,000 275,000 37,500 Clothing 175,000 250,000 312,500 237,500 75,000 Lingerie 125,000 150,000 250,000 87,500 75,000 How much loss on inventory write-down is included in 2022 cost of sales? a. 125,000 b. 87,500 c. 62,500 d. 25,000
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