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Help me with Webster University ACCT 2010 OB Financial Accounting Week 3 Homework


Question - Question 1 
 
At the end of the year, Clausel Jewelers had the following items in inventory: 
 
ItemQuantityUnit CostUnit Market Value 
D1 56 $22 $28  
D2 32  $47  $45  
D3 41  $33  $42  
D4 43  $61  $48  
 
Required: 
a.Determinetheamountofendinginventoryusingthelower­of­cost­or­marketrule          
applied to each individual inventory item. 
b.Providethegeneraljournalentrynecessarytowritedowntheinventorybasedon             
Requirement a. Assume that Clausel Jewelers uses t ...Read More

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