Business, 25.01.2020 05:31, tyreannag2423

Smith company's inventory cost is $100. the expected sales price is $110, estimated selling costs are $6. the normal gross profit ratio is 20% of selling price. the replacement cost of the inventory is $106. smith company uses the lifo inventory method so must use the lower of cost or market approach and this inventory item should be valued at:
a) $102
b) $106
c) $104
d) $110

Answers: 2

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Smith company's inventory cost is $100. the expected sales price is $110, estimated selling costs ar...