If the Cost of an Item of Inventory Is $80

question 52

Multiple Choice

If the cost of an item of inventory is $80 and the current selling price is $75, the amount shown in inventory on the balance sheet under the lower-of-cost-and-net realizable-value rule is:

• A)$75.
• B)$80.
• C)$155.
• D)$75 or $80.

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Definitions:

Healthy Self-Concept

A positive assessment of oneself that includes an accurate, confident understanding and evaluation of one's abilities, appearance, and worth.

Parenting

The activities, strategies, and practices involved in raising and nurturing children from infancy to adulthood.

Identity

The qualities, beliefs, personality, looks, and expressions that make a person or group unique.

High Self-Esteem

A positive view of oneself and confidence in one's own worth and abilities.