Departures from Acquisition Cost Determine the proper total inventory value for each of the following items in Viking Company’s ending inventory: Viking has 500 video games in stock. The games cost $36 each, but their year-end net realizable value is $28. Viking has 400 rolls of photographic film that are past the expiration date marked on the film’s box. The films cost $1.65 each and are normally sold for $3.30. To clear out these old films, Viking will drop their selling price to $1.30. There are no related selling costs. Viking has seven cameras in stock that have been used as demonstration models. The cameras cost $380 and normally sell for $480. Because these cameras are in used condition, Viking has set the selling price at $360 each. Expected selling costs are $15 per camera. a. Answer b. Answer c. Answer

Departures from Acquisition Cost Determine the proper total inventory value for each of the following items in Viking Company’s ending inventory: Viking has 500 video games in stock. The games cost $36 each, but their year-end net realizable value is $28. Viking has 400 rolls of photographic film that are past the expiration date marked on the film’s box. The films cost $1.65 each and are normally sold for $3.30. To clear out these old films, Viking will drop their selling price to $1.30. There are no related selling costs. Viking has seven cameras in stock that have been used as demonstration models. The cameras cost $380 and normally sell for $480. Because these cameras are in used condition, Viking has set the selling price at $360 each. Expected selling costs are $15 per camera. a. Answer b. Answer c. Answer

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 77.2C

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