Memiman Manufacturing has determined its year-end inventory on a LIFO basis to be $620,000
Memiman Manufacturing has determined its year-end inventory on a LIFO basis to be $620,000 Information pertaining to the inventory is as follows:
Selling price $740,000
Costs to sell $39,900
Normal profit margin $90,000
Replacement cost $840,000
What should be the reported value of Merriman's inventory?
Homework Answers
$ 620,000
| NRV (740,000-39,900) | 700,100 |
| Replacement cost | 640,000 |
| Book Value | 620,000 |
Lowest is 620,000
Therefore $ 620,000 is correct
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