Cohen Company follows U.S.GAAP and uses the lower-of-cost-or-market rule for inventory.At December 31,2015,the following data is available:
Cohen Company's balance sheet at December 31,2015 reports the following:
Required:
Determine the correct balance for inventory at December 31,2015.

Question

Cohen Company follows U.S.GAAP and uses the lower-of-cost-or-market rule for inventory.At December 31,2015,the following data is available:
  Cohen Company's balance sheet at December 31,2015 reports the following:
  Required:
Determine the correct balance for inventory at December 31,2015.

Quizplus · Accepted Answer

The Answer of Cohen Company follows U.S.GAAP and uses the lower-of-cost-or-market rule for inventory.At December 31,2015,the following data is available:
  Cohen Company's balance sheet at December 31,2015 reports the following:
  Required:
Determine the correct balance for inventory at December 31,2015.

Cohen Company Follows U