[shanek327]

Do I understand this correctly……

Cost is what we paid for the inventory….and market is the replacement cost as long as it isn’t lower than the floor and/or higher than the ceiling…

We’re never going to value the inventory at the ceiling or the floor then, correct? It can only ever be the original cost or the replacement cost if it meets the criteria.

FAR - 75
AUD - 78
BEC - 82
REG - 77

2 Corinthians 5:21

Our value does not come from our skills and abilities, as good as they may be; it does not come from our GPA, our job, a promotion from that job to a better job, our success on the CPA exam, or anything of the like; but our value comes from the fact that we have a Creator who loves us, cares for us, and desires to help us navigate the rough waters of this life in a way that provides security, hope, and true, everlasting joy while we anticipate the life to come, with Him.

[cpagal]

Incorrect. You have to choose the middle value of ceiling, replacement or floor. Replacement can be higher than ceiling or lower than floor. If replacement is higher than ceiling, you choose ceiling. If replacement is lower than floor, you choose floor, but if it is lower than ceiling but higher than floor, choose replacement.

Ceiling will always be higher than floor, obviously.

FAR - 08/30/15 - 90
AUD - 11/12/15 - 92
REG - 01/19/16 - 82
BEC - 02/29/16 - 83

Passed all on 1st attempt using GLEIM (full program) and NINJA (MCQ only)!!!

Louisiana Licensed CPA

[cpagal]

Once you choose that, you then compare to cost and choose the lower value.

FAR - 08/30/15 - 90
AUD - 11/12/15 - 92
REG - 01/19/16 - 82
BEC - 02/29/16 - 83

Passed all on 1st attempt using GLEIM (full program) and NINJA (MCQ only)!!!

Louisiana Licensed CPA

[shanek327]

Excellent, thanks for clearing that up.

FAR - 75
AUD - 78
BEC - 82
REG - 77

2 Corinthians 5:21

Our value does not come from our skills and abilities, as good as they may be; it does not come from our GPA, our job, a promotion from that job to a better job, our success on the CPA exam, or anything of the like; but our value comes from the fact that we have a Creator who loves us, cares for us, and desires to help us navigate the rough waters of this life in a way that provides security, hope, and true, everlasting joy while we anticipate the life to come, with Him.

[Author]

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