Kumar Inc. uses a perpetual inventory system. At January 1, 2013, inventory was $214,000 at both cost
Question:
Kumar Inc. uses a perpetual inventory system. At January 1, 2013, inventory was $214,000 at both cost and market value. At December 31, 2013, the inventory was $286,000 at cost and $265,000 at market value. Prepare the necessary December 31 entry under (a) the cost-of-goods-sold method and (b) the loss method.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 44% (9 reviews)
a Costofgoodssold method Debit Cost of goods sold ...View the full answer
Answered By
BillClinton Muguai
I have been a tutor for the past 5 years. I have experience working with students in a variety of subject areas, including computer science, math, science, English, and history. I have also worked with students of all ages, from elementary school to college. In addition to my tutoring experience, I have a degree in education from a top university. This has given me a strong foundation in child development and learning theories, which I use to inform my tutoring practices.
I am patient and adaptable, and I work to create a positive and supportive learning environment for my students. I believe that all students have the ability to succeed, and it is my job to help them find and develop their strengths. I am confident in my ability to tutor students and help them achieve their academic goals.
0.00
0 Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
Kumar SA uses a perpetual inventory system. At January 1, 2019, inventory was R$214,000,000 at both cost and net realizable value. At December 31, 2019, the inventory was R$286,000,000 at cost and...
-
Kumar Inc. uses a perpetual inventory system. At January 1, 2020, inventory was $214,000,000 at both cost and net realizable value. At December 31, 2020, the inventory was $286,000,000 at cost and...
-
Kumar Inc. uses a perpetual inventory system. At January 1, 2011, inventory was $214,000 at both cost and market value. At December 31, 2011, the inventory was $286,000 at cost and $265,000 at market...
-
A strip of metal is originally 1.5 m long. It is stretched in three steps: first to a length of 1.75 m, then to 2.0 m, and finally to 3.0 m. Show that the total true strain is the sum of the true...
-
Give two examples of market manipulation in the options market.
-
Determine the amount to be paid in full settlement of each of two invoices, (a) and (b), assuming that credit for returns and allowances was received prior to payment and that all invoices were paid...
-
Apply the marketing-myopia concept to print media, magazines, and newspapers. What is the implication?
-
Stagg Construction Co. is leasing equipment from Cloud Inc. The lease calls for payments of $50,000 a year plus $3,000 a year executory costs for five years. The first payment is due on January 1,...
-
What are some business benefits of adopting the relational database model within an organization? How does a relational model create or enhance business value? Are there any limitations to using a...
-
In the traditional Ethernet protocol (Chapter 13), the frames are sent with the CRC. If the frame is corrupted, the receiving node just discards it. Is this an example of a Simple Protocol or the...
-
A fire destroys all of the merchandise of Assante Company on February 10, 2012. Presented below is information compiled up to the date of the fire. Inventory, January 1, 2012 $ 400,000 Sales to...
-
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.
-
Study Time and Score. Refer to Exercise 14.55; 99%. Procedure 14.2 Regression t-Interval Procedure Purpose To find a confidence interval for the slope, 1, of the population regression line...
-
Which of the functions of communication do you think Kevin Johnson uses when he is involved in a Partner Connection Tour? Are the communication functions any different when he uses the internal...
-
What are the key features of the normative and descriptive decision theory?
-
How can the various areas within business administration be classified?
-
What are the characteristics of an economic entity?
-
What characterizes internal services?
-
In which industries would you expect inventory turnover to be lower, in which industries would you expect this ratio to be higher? Comment on this (discuss this in relation to asset turnover also).
-
Prove that the mean heat capacities C P H and C P S are inherently positive, whether T > T 0 or T < T 0 . Explain why they are well defined for T = T 0 .
-
Current versus Noncurrent Classification Rodriguez Corporation includes the following items in its liabilities at December 31, 2010. 1. Notes payable, $25,000,000, due June 30, 2011. 2. Deposits from...
-
Refinancing of Short-Term Debt Dumars Corporation reports in the current liability section of its balance sheet at December 31, 2010 (its year-end), short-term obligations of $15,000,000, which...
-
Refinancing of Short-Term Debt Andretti Inc. issued $10,000,000 of short-term commercial paper during the year 2010 to finance construction of a plant. At December 31, 2010, the corporations...
-
Select three cosmetic marketing communications channels: one online and two traditional, that will be used to market a business. Explain why they were chosen based on the business, its target market,...
-
Traditional Media Channels such as radio and podcast advertising that could be used to deliver messages to target market for new product within Six Flags? How is the effectiveness measured? Use...
-
In June 2021, Shanna purchased and placed into service an $11,000 piece of equipment for exclusive use in her business. She claimed the special depreciation allowance that year. In December 2023,...
Study smarter with the SolutionInn App