Accountıng I Deneme Sınavı Sorusu #1132455
Which of the followings happens when the cost of replacing items in inventory is below the recorded cost and the inventory is not salable at normal sales prices?
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Inventory is valued at market value other than cost. |
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Inventories which are most recently purchased are sold first. |
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Inventories which are purchased first are sold first. |
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Weighted average cost per unit is determined by dividing the cost of goods available for sale by the number of units available. |
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The business maintains detailed records of inventory sales and purchases as well as carefully identifying the inventory sold. |
The value of inventory for companies selling high-technology or fashion goods might drop very quickly due to changes in technology or fashions. In such cases, inventory is valued at market value other than cost. Two such cases arise when (1) the cost of replacing items in inventory is below the recorded cost and (2) the inventory is not salable at normal sales prices.5
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