Unformatted text preview: cases-10mm W... It is December 31, the end of the year, and the controller of Ramirez Corporation is applying the lower-of—cost~or—market (LCM) rule to inventories. Before any year—(
adjustments, the company reports the following data: a (Click the icon to view the data.) Ramirez determines that the net realizable value of ending inventory is $47,000. Show what Ramirez should report for ending inventory and for cost of goods sold.
Identify the ﬁnancial statement where each item appears. Inventory will be reported on the balance sheet at $ 47,000 . Cost of goods sold will be reported on the income statement at $ 454.000 . n. Inefinn in r‘nmnlnl'n ...
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- Fall '08