Suppose by the end of the year,there are 100 shoes remaining unsold at Jax Shoes.Jax estimates the following figures in relation to their sale:
Assume that Jax can only sell the remaining shoes delivery-free to the customer.
At what amount should the shoes be valued on Jax's Balance Sheet,and why? (Calculate the amount and state the accounting rule or standard that applies. )

Question

Suppose by the end of the year,there are 100 shoes remaining unsold at Jax Shoes.Jax estimates the following figures in relation to their sale:
  Assume that Jax can only sell the remaining shoes delivery-free to the customer.
At what amount should the shoes be valued on Jax's Balance Sheet,and why? (Calculate the amount and state the accounting rule or standard that applies. )

Quizplus · Accepted Answer

The Answer of Suppose by the end of the year,there are 100 shoes remaining unsold at Jax Shoes.Jax estimates the following figures in relation to their sale:
  Assume that Jax can only sell the remaining shoes delivery-free to the customer.
At what amount should the shoes be valued on Jax's Balance Sheet,and why? (Calculate the amount and state the accounting rule or standard that applies. )

Suppose by the End of the Year,there Are 100 Shoes