Blossom Inc. is a cell phone wholesaler. At the beginning of the year, it purchased 1320 units of the most recent android phone for $500 each. The selling price during the year was $700 per unit. At year end, it had 320 units on hand. Due to changes in technology, the selling price will have to be reduced by 35% in order to sell the remaining phones. What is the inventory value of the android phones at the end of the period? O $160000 O $145600 O $104000 O $56000

Blossom Inc. is a cell phone wholesaler. At the beginning of the year, it purchased 1320 units of the most recent android phone for $500 each. The selling price during the year was $700 per unit. At year end, it had 320 units on hand. Due to changes in technology, the selling price will have to be reduced by 35% in order to sell the remaining phones. What is the inventory value of the android phones at the end of the period? O $160000 O $145600 O $104000 O $56000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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