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Question - West Company is preparing the annual financial statements dated December 31, 2013. Information about inventory stocked for regular sale follows:
Item
Quantity on Hand
Unit Cost When Acquired
Replacement Cost (market) at year end
A
100
$30
$20
B
80
25
28
C
35
55
58
D
75
40
Required -
1. Compute the valuation for the December 31, 2013, inventory using the lower of cost or market basis. Make necessary adjusting journal entry(ies).
2. Sold 10 units of Item A at $25 each and written-off 3 units of Item D. Make necessary journal entries.
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