Iris Company Has Provided the Following Information Regarding Two of Its

question 46

Multiple Choice

Iris Company has provided the following information regarding two of its items of inventory at year-end: • There are 100 units of Item A,having a cost of $20 per unit,a selling price of $24 and a cost to sell of $6 per unit.
• There are 50 units of Item B,having a cost of $50 per unit,a selling price of $56 and a cost to sell of $4 per unit.
How much is the ending inventory using lower of cost or net realizable value?

• A)$4,100.
• B)$4,300.
• C)$4,400.
• D)$4,500.

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Definitions:

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A situation in which individuals or groups make decisions that are harmful to all parties involved in the long term because of the inability to coordinate for mutual benefit.

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