Jenks Company developed the following information about its inventories in applying the lower-of-cost-or-net-realizable-value(LCNRV) basis in valuing inventories: After Jenks applies the LCNRV rule, the value of the inventory reported on the balance sheet would be
A)$354,000.
B)$358,000.
C)$350,000.
D)$362,000.

Question

Jenks Company developed the following information about its inventories in applying the lower-of-cost-or-net-realizable-value(LCNRV) basis in valuing inventories:  After Jenks applies the LCNRV rule, the value of the inventory reported on the balance sheet would be
A)$354,000. 
B)$358,000. 
C)$350,000. 
D)$362,000.

Quizplus · Accepted Answer

The Answer of Jenks Company developed the following information about its inventories in applying the lower-of-cost-or-net-realizable-value(LCNRV) basis in valuing inventories:  After Jenks applies the LCNRV rule, the value of the inventory reported on the balance sheet would be
A)$354,000. 
B)$358,000. 
C)$350,000. 
D)$362,000.

Jenks Company Developed the Following Information About Its Inventories in Applying