inventory - 100,000 90,000 Total 1xx’s 150,000 155,000...

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Topic: Lower-of-cost-or-market (using FIFO cost) The Collins Company has five inventory items on hand at the end of 2010. The items come from two related groups, parts from the 100 series & the 200 series. Part # FIFO Cost Replacement cost 101 50,000 65,000 102
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Unformatted text preview: 100,000 90,000 Total 1xx’s 150,000 155,000 201 80,000 65,000 202 90,000 56,000 203 95,000 86,000 Total 2xx’s 265,000 207,000 Total – all parts 415,000 362,000 Required: Determine the ending inventory after applying the lower-of-cost-or-market method....
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This note was uploaded on 09/09/2011 for the course TAX 6845 taught by Professor Kelliher,c during the Fall '08 term at University of Central Florida.

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