Goods held at the end of a financial year cost $450; they can currently be purchased for

Question:

Goods held at the end of a financial year cost $450; they can currently be purchased for $500; they have a resale value of $700. What is the value of closing inventory?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Cambridge International AS And A Level Accounting

ISBN: 9781444181432

1st Edition

Authors: Ian Harrison

See More Books

Question Posted: Aug 23, 2023 02:22 PM

See More Questions

A damaged article held at the end of a financial year cost $40; after repairs costing $14 it can be sold for $55. What is the value of the article for inventory purposes?
Read the case study "Southwest Airlines," found in Part 2 of your textbook. Review the "Guide to Case Analysis" found on pp. CA1 - CA11 of your textbook. (This guide follows the last case in the...
A newly married couple decides to buy a house in 5 years that has a value of $1 million pesos. If the bank's interest rate is 0.4%, how much do they have to save each month to make the plan a reality?
Question 1 Not yet answered Paints out of 1.00 P Flag question Question 2 Not yet answered Paints out of 1.00 P Flag question A project has the following activities, with specified precedents and...
Ann M. Martin Company makes the following errors during the current year. (Evaluate each case independently and assume ending inventory in the following year is correctly stated.) 1. ending inventory...
The file S03_40.xlsx contains monthly data on the number of border crossings from Mexico into four southwestern states. a. Restructure this data set on a new sheet so that there are three long...
An increasing number of electronic files are secured by encryption measures for added levels of protection. Such measures may make it difficult for law enforcement officials to access computer hard...
Forrest and Dan make boxes of chocolates for which the demand is uncertain. Forrest says. Thats life. On the other hand, Dan believes that some demand patterns exist that could be useful for planning...
Question 2 Abantu Ltd, a textile manufacturing company in Bungoma, recently introduced a compensation programme for its employees. As a human resource specialist, explain what prompted the firm to...
Inventories are goods that have been bought for resale that have not yet been sold at the financial year end. True/False?
Gross profit is $50 000. Closing inventory was valued at $3000. It has been discovered that closing inventory should have been valued at $2000. What is the correct gross profit?
Refrigeration units can be rated in "tons." A 1-ton air conditioning system can remove sufficient energy to freeze 1 ton (2000 pounds = 909 kg) of 0C water into 0C ice in one 24-h day. If, on a 35C...
The price of a laser printer purchased by Paul's Printers and Office Supplies was $713. It cost $27 for delivery. The salvage value at the end of a 5-year life is $65. what is the depreciation...
Find the range of the function defined by the equation and the given domain. f(x) = 4x3; domain= {0, 1, 2, 3}
An electric power company regulated by the state is a monopoly enterprise. 1Suppose the regulator sets the price to reflect what the market will look like if it is competitive. 2Now suppose that the...
A 6-month bank loan of $1,000.00 required the equal payments monthly. After three payments were made, the borrower decided to pay off the loan at the 4th month before he paid his monthly payment. The...
At some point in the life of a company or firm, a decision of how to expand is necessary. This is especially important in for-profit firms as shareholders typically require larger and larger...
Use the given data to find the equation of the regression line. Examine the scatterplot and identify a characteristic of the data that is ignored by the regression line. x10 813 9 11 14 64 1275 y...
Banner Company acquires an 80% interest in Roller Company for $640,000 cash on January 1, 2013. The NCI has a fair value of $160,000. Any excess of cost over book value is attributed to goodwill. To...
Explain briefly the meaning of the following costs: (a) Semi-variable (b) Stepped (c) Sunk
Distinguish between direct costs and indirect costs.
Explain why ratios rather than actual results are used to evaluate the performance of a business.
On September 4, 2017, United Technologies Corporation (UTC) announced the acquisition of Rockwell Collins Corporation for $30 billion. As of their June 30, 2017 Form 10-Q, the Balance Sheet of...
= If total assets = $900, fixed assets = $550, current liabilities = $250, equity $175, long-term debt = $475, and current assets is the only remaining item on the balance sheet, what is the value of...
Discuss and analyze the effectiveness of the "The Barbershop Girls of India" campaign using the 6M framework for marketing communications, with citations?

Goods held at the end of a financial year cost $450; they can currently be purchased for

Question:

Step by Step Answer:

The value of the closing inventory can be determined usin...View the full answer

Cambridge International AS And A Level Accounting

Students also viewed these Business questions