See the table below for the inventory of Rakow Incorporated.. Items A and B make up...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
See the table below for the inventory of Rakow Incorporated.. Items A and B make up a logical category and items C and D make up another logical category. Item A B A&B C D C&D Total Total Cost NRV Total $21,000 $20,000 20,000 25,600 $41,000 $45,600 $27,000 $27,800 65,000 $92,000 $133,000 64,000 $91,800 $137,400 Lower of Cost and Net Realizable Value Individual Item Category Total inventory Part A: Complete the last three columns of table. Part B: For each of the three situations, provide any necessary journal entry to write-down to the lower of cost and net realizable value (per the book, there are two accounts that could be debited - identify both in your answers). See the table below for the inventory of Rakow Incorporated.. Items A and B make up a logical category and items C and D make up another logical category. Item A B A&B C D C&D Total Total Cost NRV Total $21,000 $20,000 20,000 25,600 $41,000 $45,600 $27,000 $27,800 65,000 $92,000 $133,000 64,000 $91,800 $137,400 Lower of Cost and Net Realizable Value Individual Item Category Total inventory Part A: Complete the last three columns of table. Part B: For each of the three situations, provide any necessary journal entry to write-down to the lower of cost and net realizable value (per the book, there are two accounts that could be debited - identify both in your answers).
Expert Answer:
Answer rating: 100% (QA)
Part A Item A Total Cost 21000 NRV Total 20000 Individual Item 20000 Category 41000 Total Inventory ... View the full answer
Related Book For
Intermediate Accounting Volume 1
ISBN: 9781260306743
7th Edition
Authors: Thomas H. Beechy, Joan E. Conrod, Elizabeth Farrell, Ingrid McLeod Dick
Posted Date:
Students also viewed these accounting questions
-
The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-5. Ivan's grandfather died and left a portfolio of municipal bonds. In 2012, they pay Ivan...
-
Managing Scope Changes Case Study Scope changes on a project can occur regardless of how well the project is planned or executed. Scope changes can be the result of something that was omitted during...
-
List three specific parts of the Case Guide, Objectives and Strategy Section (See below) that you had the most difficulty understanding. Describe your current understanding of these parts. Provide...
-
What other types of contingency planning should Matt and Chris include to make the report comprehensive? Please explain the relevance of each suggestion.
-
Adjusting Entries) The ledger of Duggan Rental Agency on March 31 of the current year includes the following selected accounts before adjusting entries have been prepared. An analysis of the accounts...
-
At a certain car dealership, the probability that a customer purchases an SUV is 0.20. Given that a customer purchases an SUV, the probability that it is black is 0.25. What is the probability that a...
-
Nancy Carpenter Optical Dispensary purchased supplies on account for \($1,200\). Two weeks later, the business paid half on account. Requirements 1. Journalize the two transactions for Nancy...
-
Finishing International Enterprises (FIE), a private company based in Vancouver, is Canadas largest dealer of heavy equipment, such as tractors, grapple skidders, and backhoes. The company sells,...
-
What is the difference between future value and present value? What data do you need to future value or present value calculation?What are various ways to calculate the time value of money in...
-
Your investment bank has an investment of $100 million in the stock of the Swiss Roll Corporation and a short position in the stock of the Frankfurter Sausage Company. Here is the recent price...
-
Assume that you made a repo transaction in which you sold securities for 50 million TL and will buy the securities back for 50,025,000 one day later. What is the repo rate to you? Why would you do...
-
The transfer function \[H(s)=\frac{\kappa}{\left(s^{2}+1.4256 s+1.23313 ight)(s+0.6265)}\] corresponds to a lowpass normalized Chebyshev filter with passband ripple \(A_{\mathrm{p}}=0.5\)...
-
You are to show the journal entries necessary to record the following items which occured in 2016: (a) May 1 Bought a motor bike on credit from Lakeside Garage for 5,500. (b) May 3 A debt of 347...
-
Robert Careless was injured while working on the production line on July 8,2018. He received the following payments as a result of his serious injury: During 2018, Robert earned \(\$ 16,000\) in...
-
Design a function that accepts an array and the arrays size as arguments, and returns the largest value in the array. The method should use recursion to find the largest element.
-
Design a function that uses recursion to raise a number to a power. The function should accept two arguments: the number to be raised and the exponent. Assume that the exponent is a nonnegative...
-
The year-end financial statements are provided below: Income Statement Service revenue Expenses Salaries Supplies Rent Delivery Net income January 1 Issue stock let income Dividends December 31...
-
An interest bearing promissory note for 90 days at 5.6% p.a. has a face value of $120,000. If the note is discounted 20 days after the issue date at a rate of 6.8% p.a., calculate the amount of...
-
Entities may have a variety of corporate reporting objectives specific to their circumstances, such as: a. Assessing and predicting cash flows; b. Minimizing current income taxes; c. Complying with...
-
assurance warranty. Neuman management estimates that the probable cost of fulfilling the warranty will be $50,000. Between 1 May and 31 December 20X2, the actual warranty cost was $20,000. On 31...
-
Grand Ltd. is a Canadian company that had the following transactions in 20X7: a. Sold goods to a customer in Belgium on 25 November for 220,000 euros. b. Sold goods to a U.S. customer on 25 November...
-
The United States and the Commonwealth of Australia have long been strong and mutually supportive allies.1 However, the two countries close relationship was threatened recently by an international...
-
Explain why the Auditor General of Canada performs value-for-money audits rather than simply performing financial audits of the various government departments.
-
Jerome Kerviel was born and raised in Pont-lAbbe, a small coastal village in the Brittany region of northwestern France. His father was a blacksmith, while his mother worked as a hairdresser....
Study smarter with the SolutionInn App