Cheerful Company has determined its December 31, 2019, inventory at cost is P4,000,000. Information pertaining that...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Cheerful Company has determined its December 31, 2019, inventory at cost is P4,000,000. Information pertaining that inventory follows: Estimated selling price Estimated cost of disposal Normal profit margin 4,080,000 200,000 600,000 Current replacement cost How much is the loss on inventory writedown on December 31, 2019? 3,600,0000 Cheerful Company has determined its December 31, 2019, inventory at cost is P4,000,000. Information pertaining that inventory follows: Estimated selling price Estimated cost of disposal Normal profit margin 4,080,000 200,000 600,000 Current replacement cost How much is the loss on inventory writedown on December 31, 2019? 3,600,0000
Expert Answer:
Related Book For
Posted Date:
Students also viewed these accounting questions
-
In an effort to conserve energy in a heat-engine cycle, somebody suggests incorporating a refrigerator that will absorb some of the waste energy QL and transfer it to the energy source of the heat...
-
In an effort to determine whether any correlation exists between the prices of stocks of airlines, an analyst sampled six days of activity of the stock market. Using the following prices of Delta...
-
In an effort to develop more accurate product costs, Bell Corporation decided to adopt an activity-based costing (ABC) system. However, much to managements surprise, the product costs determined...
-
To determine the focal length of a lens, you place the lens in front of a small lightbulb and then adjust a viewing screen to get a sharply focused image. Varying the lens position produces the...
-
The accompanying source table relates to a study involving the effects of trimethylin doses of 0, 3, 6, and 9 mg/kg on a sample of 48 rats. Each rat received only one dose. The response variable was...
-
City Bank upgrades its computer equipment every five years to keep up with changes in technology. Its next upgrade is two years from today and is budgeted to cost $1 million. Management is...
-
The rod has a circular cross section with a polar moment of inertia \(J\) and moment of inertia \(I\). If a vertical force \(\mathbf{P}\) is applied at \(A\), determine the vertical displcement at...
-
Acme Steel Fabricators experienced booming business for the past five years. The company fabricates a wide range of steel products, such as railings, ladders, and light structural steel framing. The...
-
You placed $3,502 in a savings account today that earns an annual interest rate of 7 percent compounded annually. How much you will have in this account at the end of 5 years? Assume that all...
-
Al Hansen, the newly appointed vice president of finance of Berkshire Instruments, was eager to talk to his investment dealer about future financing for the firm. One of Al's first assignments was to...
-
The potential energy of a system of particles in one dimension is given by: U(x) = 5-x+3x - 2x where the potential energy is in Joules. What is the work done in moving a particle in this potential...
-
Which statement is true? a) Productivity is output per unit of input. b) Productivity is input per unit of output. c) Productivity is neither of the above.
-
Capital and labor are ______ factors of production. a) substitute b) complementary c) both complementary and substitute d) neither complementary nor substitute
-
Show that, after triangularizing \(\mathbf{A x}=\mathbf{y}\), the back substitution method of solving \(\mathbf{A}^{(N-1)} \mathbf{x}=\mathbf{y}^{(N-1)}\) requires \(N\) divisions, \(N(N-1) / 2\)...
-
Which statement is true? a) Resources and final products are both measured by units of input. b) Resources and final products are both measured by units of output. c) Resources are measured by units...
-
Derived demand is the demand for _________. a) final goods and services b) resources c) final goods as well as services and resources d) neither final goods and services nor resources.
-
4-34. A crate of weight W = 100 lb sits on a ramp oriented at 27 degrees relative to ground, as shown in Fig. P4.34. The free-body diagram showing the external forces is also shown in Fig. P4.34. a....
-
Prepare a stock card using the following information A company is registered for GST which it pays quarterly, assume GST was last paid on the 30th of June 2019. It uses weighted average cost...
-
Five years ago, an industrial engineer deposited $10,000 into an account and left it undisturbed until now. The account is now worth $25,000. (a) What was the overall ROR during the 5 years? (b) If...
-
Two routes are under consideration for a new interstate highway. The long intervalley route would be 25 kilometers in length and would have an initial cost of $25 million. The short transmountain...
-
An alternative to buy and an alternative to lease hydraulic lifting equipment have been formulated. Use the parameter estimates and assumed distribution data shown to plot the probability...
-
Use the payoff matrix below for the following exercises. The payoff matrix indicates the profit outcome that corresponds to each firms pricing strategy. a. Firms A and B are members of an oligopoly....
-
Explain the difference between a dominant strategy and a Nash equilibrium.
-
Explain why repeated interactions tends to break down the solution of a prisoners dilemma. Why does the dilemma go away?
Study smarter with the SolutionInn App