Which of the following amounts would be reported as Merchandise Inventory on the balance sheet of...
Which of the following amounts would be reported as Merchandise Inventory on the balance sheet of a company if the cost of an item is $120 and the current replacement cost is $80?
Group of answer choices
$120
The average of $80 and $120
$80
$200
Homework Answers
Merchandise Inventory is reported on the balance sheet at the lower price of cost or replacement cost.
Replacement cost = $80
Cost = $120
Reporting price = $80
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