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(Solved): A retailer collected the following information about its inventories to apply the lower of cost and ...




A retailer collected the following information about its inventories to apply the lower of cost and net realizable value in v
A retailer collected the following information about its inventories to apply the lower of cost and net realizable value in valuing its three products: Product \( X \) - \( \$ 56,000 \) cost and \( \$ 57,100 \) NRV, Product \( Y \) \( \$ 24,000 \) cost and \( \$ 25,000 \mathrm{NRV} \), and Product \( Z \) - \( \$ 98,000 \) cost and \( \$ 92,000 \mathrm{NRV} \). After the retailer values its inventory at the lower of cost or net realizable value, the amount reported on the balance sheet. would be: Select one: a. \( \$ 178,000 \) b. \( \$ 165,000 \) c. \( \$ 171,000 \) d. \( \$ 172,000 \) e. \( \$ 166,000 \)


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Calculation of the net value of the inventory to be report
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