Smith company has several current product lines. in the past, the company applied the lower of cost and net realizable value method to individual inventory items. the company wants to make the process less time consuming and is exploring alternatives. what alternatives does the company have?
a. smith could choose not to apply the lower of cost and net realizable value rule and report inventory at historical cost
b. smith could apply the lower of cost and net realizable value rule to each product line
c. smith could apply the lower of cost and net realizable rule to its entire inventory

Wilson center is a private not-for-profit voluntary health and welfare entity. during 2017, it received unrestricted pledges of $638,000, 65 percent of which were payable in 2017, with the remainder payable in 2018 (for use in 2018). officials estimate that 14 percent of all pledges will be uncollectible. a. how much should wilson center report as contribution revenue for 2017? b. in addition, a local social worker, earning $20 per hour working for the state government, contributed 600 hours of time to wilson center at no charge. without these donated services, the organization would have hired an additional staff person. how should wilson center record the contributed service?