4. Entity A's inventories on December 31, 20x1 have a cost of P100,000 and a net realizable value of P80,000. Shortly after December 31, 20x1, but before the financial statements were authorized for...

4. Entity A's inventories on December 31, 20x1 have a cost of P100,000 and a net realizable
value of P80,000. Shortly after December 31, 20x1, but before the financial statements were
authorized for issue, the inventories were sold for a net sale proceeds of P70,000. The
correct valuation of Entity A's inventories in the December 31, 20x1 financial statements is

Sep 10, 2022

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4. Entity A's inventories on December 31, 20x1 have a cost of P100,000 and a net realizable value of P80,000. Shortly after December 31, 20x1, but before the financial statements were authorized for...

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