Windsor, Inc. developed the following information about its inventories in applying the lower-of-cost-or-net-realizable-val ue(LCNRV) basis in valuing inventories:
Product Cost Market
A $98000 $103000
B 69000 65000
C 138000 139000
After Windsor, Inc. applies the LCNRV rule, the value of the inventory reported on the balance sheet would be:.
a. $305000.
b. $307000.
c. $301000
d. $311000.
Answers: 3
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