Business, 19.03.2021 18:40 Eylul30

Wilson Animal Feeds has developed the following data to calculate lower of cost or market for its products. Large animals:
Cattle $320 $160
Horse 400 400
Small animals:
Cat $360 $320
Dog 120 90
Exotic pets:
Ferret $140 $112
Iguana 70 48

The costs to sell are 20% of selling price.

Required:
Determine the reported inventory value assuming the lower of cost and net realizable value rule is applied to classes of feeds.

Answers: 3

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Answers

Answer from: zakarycrane9576

The total reported inventory value is $1,130.

Explanation:

Note: The data given the question are sorted and presented properly as follows:

Selling Price Cost

Large animals:

Cattle $320 $160

Horse 400 400

Small animals:

Cat $360 $320

Dog 120 90

Exotic pets:

Ferret $140 $112

Iguana 70 48

Based on the lower of cost and net realizable value rule, we select the lower and determine the reported inventory value as follows:

Details Value ($)

Large animals:

Cattle 160

Horse 400

Small animals:

Cat 320

Dog 90

Exotic pets:

Ferret 112

Iguana 48

Total value 1,130

Therefore, the total reported inventory value is $1,130.

Answer from: Quest

a and c

explanation:

Answer from: Quest

The answer is yes it's correct they have to guarantee that job back when they come back

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