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Which statement is true for party city

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Problem 1: At the end of day of Oct 31, 2013, Party City had 500 pumpkin baby costumers remaining in inventory, each cost $10. On November 1, 2013, the market value of pumpkin baby costumes dropped to $4. Party City regards any amount lower than $4,000 as not material. Which statement is true?

A) Party City should recognize $3,000 loss of write-down of inventory.
B) Party City should recognize $3,000 in COGS.
C) The market price change on Nov 1, 2013 has no impact on Party City's Net Income.
D) The accounting book value of Party City's inventory did not change on Nov 1, 2013.

Reference no: EM132967063

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