(a) Kiele Company sells three different categories of tools (small, medium, and large). The cost and fair...
Question:
(a) Kiele Company sells three different categories of tools (small, medium, and large). The cost and fair value of its inventory of tools are as follows.
Determine the value of the company?s inventory under the lower-of-cost-or-market approach.
(b) Sanchez Company understated its 2011 ending inventory by $31,000. Determine the impact this error has on ending inventory, cost of goods sold, and owner?s equity in 2011 and 2012.
Ending InventoryThe ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =...
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Cost Fair Value $ 73,000 260,000 Small $ 64,000 Medium 290,000 Large 152,000 171,000
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a The lowest value for each inventory type is Small 64000 Me...View the full answer
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Related Book For
Accounting Principles
ISBN: 978-0470534793
10th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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