Mortenson Corporation sells its product, a rare metal, in a controlled market with a quoted price...
Mortenson Corporation sells its product, a rare metal, in a controlled market with a quoted price applicable to all quantities. The total cost of 5,000 pounds of the metal now held in inventory is $150,000. The total selling price is $420,000, and estimated costs of disposal are $15,000. At what amount should the inventory of 5,000 pounds be reported in the balance sheet?
Homework Answers
| Selling price of metal held as inventory | $420,000 |
| Less; Cost of disposal | 15,000 |
| Value of inventory to be reported | $405,000 |
Hence, amount of inventory of 5,000 pounds to be reported in the balance sheet is $405,000
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