Apply the lower-of-cost-or-market rule. (LO 5)
Use the following data to answer the following question.
|
Ending inventory at cost, June 30, 2010 |
$25,18 |
|
Cost of goods sold, balance at June 30, 2010 |
25,130 |
|
Sales revenue, balance at June 30, 2010 |
150,550 |
|
Cash, balance at June 30,2010 |
(75 5) |
|
Ending inventory at replacement cost, June 30, 2010 |
285,155 |
ASB Hardware Inc. uses a perpetual inventory system and the FIFO cost flow method to account for its inventory. What inventory amount will ASB Hardware report on its balance sheet at June 30, 2010?