The inventory of Oheto Company on December 31, 2013, consists of the following items. Instructions (a) Determine
Question:
The inventory of Oheto Company on December 31, 2013, consists of the following items.
Instructions
(a) Determine the inventory as of December 31, 2013, by the lower-of-cost-or-market method, applying this method directly to each item.
(b) Determine the inventory by the lower-of-cost-or-market method, applying the method to the total of the inventory.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 77% (9 reviews)
ANSWER a To determine the inventory by the lowerofcostormarket method we need to compare the cost an...View the full answer
Answered By
Churchil Mino
I have been a tutor for 2 years and have experience working with students of all ages and abilities. I am comfortable working with students one-on-one or in small groups, and am able to adapt my teaching style to meet the needs of each individual. I am patient and supportive, and my goal is to help my students succeed.
I have a strong background in math and science, and have tutored students in these subjects at all levels, from elementary school to college. I have also helped students prepare for standardized tests such as the SAT and ACT. In addition to academic tutoring, I have also worked as a swim coach and a camp counselor, and have experience working with children with special needs.
0.00
0 Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
The inventory of Oheto Company on December 31, 2019, consists of the following items. Part No. 121 is obsolete and has a realizable value of $1 each as scrap. Instructions a. Determine the inventory...
-
The inventory of Oheto Company on December 31, 2020, consists of the following items. Instructions a. Determine the inventory as of December 31, 2020, by the LCNRV method, applying this method to...
-
The inventory of Oheto Company on December 31, 2022, consists of the following items. Instructions a. Determine the inventory as of December 31, 2022, by the LCNRV method, applying this method to...
-
The quarterly sales for a software product over the past three years are given in the table below. 1) Forecast the demand for year 4 using the moving average technique for 3 periods. 1) Compute the...
-
What is open interest for a traded options contract? What does this tell you about the trading interest in a particular options contract?
-
Each of the three independent situations below describes a finance lease in which annual lease payments are payable at the beginning of each year. The lessee is aware of the lessors implicit rate of...
-
Traffic shaping creates two tiers of traffic. What are those tiers? Give an example of each type of traffic.
-
Rosss Lipstick Companys long- term debt agreements make certain demands on the business. For example, Ross may not purchase treasury stock in excess of the balance of retained earnings. Also,...
-
According to the Newswire in "Inelastic Demand," By what percentage did Starbucks raise brewed coffee prices? Based on the analysis prediction, would this price increase cause total revenue to stay...
-
A software company is interested in improving customer satisfaction rate from the 75 % currently claimed. The company sponsored a survey of 281 customers and found that 221 customers were satisfied.
-
Use the information for Kemper Company from BE9-5. In 2013, Kemper paid $1,000,000 to obtain the raw materials which were worth $950,000. Prepare the entry to record the purchase.
-
LaGreca Company uses the lower-of-cost-or-market method, on an individual-item basis, in pricing its inventory items. The inventory at December 31, 2012, included product X. Relevant per-unit data...
-
Business transactions for the month of March for T-Shirt Trends are presented below. A partial general ledger appears in your working papers. Instructions On the form provided in your working papers,...
-
How did net income of Walmart as a percentage of total revenues change from fiscal 2 0 1 8 to fiscal 2 0 2 0 ? Identify the most important reasons for this change. Is there a unique item that changed...
-
Abecd Accounting, Inc. sells accounting textbooks. The following information summarizes Abecd Accounting's operating activities for the year: Merchandise Inventory, January 1 $ 1 2 , 0 0 0...
-
If A transfers a building with a value of $ 5 0 0 , 0 0 0 and a basis of $ 6 0 0 , 0 0 0 in exchange for 1 0 0 shares of a corporation's stock. What are the tax consequences of the transfer to Brenda...
-
Accounts receivable is $ 6 , 0 7 6 in 2 0 2 0 and $ 5 , 6 2 4 in 2 0 2 1 The acquisition cost of plant, property and equipment is $ 2 0 , 5 8 0 in 2 0 2 0 and $ 2 6 , 4 0 4 in 2 0 2 1 Accumulated...
-
Evaluate the reliability of the hardness test. Consider the following: - No known hardness for each material. Prior to the test we did not know the BHN of each material, therefore we didn't have a...
-
We say that matrices H and G are similar if there is a nonsingular matrix P such that H = P-1GP. Show that similar matrices have the same determinant.
-
If you want to solve a minimization problem by applying the geometric method to the dual problem, how many variables and problem constraints must be in the original problem?
-
Explain how trading securities are accounted for and reported.
-
At what amount should trading, available-for-sale, and held-to-maturity securities be reported on the balance sheet
-
At what amount should trading, available-for-sale, and held-to-maturity securities be reported on the balance sheet
-
The Production Department of Hruska Corporation has submitted the following forecast of units to be produced by quarter for the upcoming fiscal year: Units to be produced 1st Quarter 2nd Quarter 3rd...
-
You go to the hardware store to buy a new 50 ft garden hose. You find you can choose between hoses of inch and inch inner diameter. Compare the rate at which water flows through the two types of...
-
Miller Company's contribution format income statement for the most recent month is shown below: Sales (32,000 units) Variable expenses Total $ 224,000 128,000 Contribution margin 96,000 Per Unit $...
Study smarter with the SolutionInn App