Based on the data below, how would the inventory appear on the balance sheet, assuming that the lower of cost or market is used and the cost is determined by the First-in, first-out (FIFO) method? Total cost: $248,000 Total market: $252,350 Lower-of-cost-or-market (LCM): $239,350 The inventory would appear in the current assets section, as follows: Inventory-at lower of cost (first-in, first-out method) or net realizable value $fill in the blank 3. Feedback

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01-12-2021
Business

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Based on the data below, how would the inventory appear on the balance sheet, assuming that the lower of cost or market is used and the cost is determined by the First-in, first-out (FIFO) method? Total cost: $248,000 Total market: $252,350 Lower-of-cost-or-market (LCM): $239,350 The inventory would appear in the current assets section, as follows: Inventory-at lower of cost (first-in, first-out method) or net realizable value $fill in the blank 3. Feedback

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Tundexi Tundexi · Answer 1 · 2021-12-14T12:18:24+01:00

The inventory would appear in the current assets section as Inventory-at lower of cost or the net realizable value at the amount $239,350.

The net realizable value is a valuation method used in inventory accounting to determine the value of an inventory by calculating the asset sold, less estimated costs of selling.

In conclusion, the inventory would appear in the current assets section as Inventory-at lower of cost or the net realizable value at the amount $239,350.

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