Wilson Animal Feeds has developed the following data to calculate lower of cost or market for its products.
Large animals:
Cattle $320 $160
Horse 400 400
Small animals:
Cat $360 $320
Dog 120 90
Exotic pets:
Ferret $140 $112
Iguana 70 48
The costs to sell are 20% of selling price.
Required:
Determine the reported inventory value assuming the lower of cost and net realizable value rule is applied to classes of feeds.
Answers: 3
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