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PROBLEM - On December 31, 2013, the balance of Panganiban's inventory account was P251,000, while its Allowance for Inventory Writedown account has a balance of P16,000. On December 31, 2014, the following inventory details were shown:
Product
Cost
Replacement Cost
Sales Price
Net Realizable Value
Normal Profit
U
P44,500
P43,000
P45,750
P43,500
P3,200
S
47,000
46,000
45,000
42,500
3,720
T
62,500
67,500
69,000
55,500
5,805
F
97,000
57,000
8,000
98,500
10,250
Required -
1. Determine the required balance of the Allowance to Reduce Inventory to NRV account on December 31, 2014.
2. Determine the amount of inventory to be shown in the December 31, 2014 Statement of Financial Position.
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