11. Trump Incorporated reported the following data for the year 2019, 2020 and 2021 2019 2020 2021 Beginning Inventory at Cost 420,000 ? Beginning Inventory at NRV ? Ending Inventory at Cost 560,000 ? 585,000 Ending Inventory at NRV 590,000 Purchases 1,500,000 1,680,000 1,620,000 Loss on inventory write-down 18,000 ? Cost of sale before inventory write-down ? 1,700,000 ? Trump uses the allowance method in accounting for inventory write-down. At end of the year 2018, the Allowance for inventory write-down has a balance of 30,000. On 2021, the cost of sales after considering loss on inventory write-down amounts to 1,590,000. Determine the cost of sales after inventory write-down on 2019 a. 1,378,000 b. None of these c. 1,360,000 d. 1,372,000 e. 1,408,000
11. Trump Incorporated reported the following data for the year 2019, 2020 and 2021 2019 2020 2021 Beginning Inventory at Cost 420,000 ? Beginning Inventory at NRV ? Ending Inventory at Cost 560,000 ? 585,000 Ending Inventory at NRV 590,000 Purchases 1,500,000 1,680,000 1,620,000 Loss on inventory write-down 18,000 ? Cost of sale before inventory write-down ? 1,700,000 ? Trump uses the allowance method in accounting for inventory write-down. At end of the year 2018, the Allowance for inventory write-down has a balance of 30,000. On 2021, the cost of sales after considering loss on inventory write-down amounts to 1,590,000. Determine the cost of sales after inventory write-down on 2019 a. 1,378,000 b. None of these c. 1,360,000 d. 1,372,000 e. 1,408,000
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 13P: Webster Company adopted do liar-value LIFO on January 1, 2019. Webster produces three products: X,...
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