Weldon Animal Feeds has developed the following data in order to calculate the lower of cost or net realizable value for its products (in thousands). The products are listed within their category of feed product.
The costs to sell are 20% of selling price.
-Required: Determine the reported inventory value assuming the lower of cost or net realizable value rule is applied to categories of feeds.
Definitions:
Trimester
One of the three roughly equal periods into which a pregnancy is divided, each lasting about three months.
Brain Structures
The various parts of the brain, each responsible for different functions, such as the cerebrum for thought and action, the cerebellum for movement, and the limbic system for emotions.
Lateral Hypothalamus
An area of the brain thought to control hunger and thirst; destruction of this area can cause an animal to refuse food and water.
Aphagic
The inability to swallow, which can be due to various neurological or physical disorders.
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