Rocky Bayou Golf Clubs, which uses the FIFO method, has the following account balances at October 31, 2012, prior to releasing the financial statements for the year Rocky Bayou has determined that the replacement cost (current market value) of the October 31, 2012, ending inventory is ($13,000 ) Re...

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Rocky Bayou Golf Clubs, which uses the FIFO method, has the following account balances at October 31,

Question:

Rocky Bayou Golf Clubs, which uses the FIFO method, has the following account balances at October 31, 2012, prior to releasing the financial statements for the year:

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Rocky Bayou has determined that the replacement cost (current market value) of the October 31, 2012, ending inventory is $$13,000$.

Requirements

1. Prepare any adjusting journal entry required from the information given.

2. What value would Rocky Bayou report on the balance sheet at October 31, 2012, for inventory?

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Financial And Managerial Accounting

ISBN: 9780135080191

2nd Edition

Authors: Charles T Horngren, Jr Walter T Harrison

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Question Posted: May 13, 2024 09:00 AM

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Rocky Bayou Golf Clubs, which uses the FIFO method, has the following account balances at October 31,

Question:

Inventory Cost of goods sold Sales revenue Bal 14,000 Bal 70,000 Bal 110,000

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Financial And Managerial Accounting

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