Valix Finacc vol 1 Problem 7-12

Financial Accounting Volume 1 2008 Valix-Peralta
Chapter 1 Problem 7-12

Inventory per book                                                                                                      950,000

Item 3 (18,500 – 1,000 / 140%)                                                                                        12,500

Item 4 (50,000 + 2,500)                                                                                                   52,500

Item 5 (35,000 / 140% = 25,000 + 2,000)                                                                           27,000

Adjusted inventory                                                                                                    1,042,000