Using the following data, how should the merchandise be valued under lower of cost or market? Original
Question:
Original cost...................................... $1,350
Estimated selling price........................ 1,475
Selling expenses................................ 180
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 71% (14 reviews)
Hence for the final analysis we can say that t...View the full answer
Answered By
Asim farooq
I have done MS finance and expertise in the field of Accounting, finance, cost accounting, security analysis and portfolio management and management, MS office is at my fingertips, I want my client to take advantage of my practical knowledge. I have been mentoring my client on a freelancer website from last two years, Currently I am working in Telecom company as a financial analyst and before that working as an accountant with Pepsi for one year. I also join a nonprofit organization as a finance assistant to my job duties are making payment to client after tax calculation, I have started my professional career from teaching I was teaching to a master's level student for two years in the evening.
My Expert Service
Financial accounting, Financial management, Cost accounting, Human resource management, Business communication and report writing. Financial accounting : • Journal entries • Financial statements including balance sheet, Profit & Loss account, Cash flow statement • Adjustment entries • Ratio analysis • Accounting concepts • Single entry accounting • Double entry accounting • Bills of exchange • Bank reconciliation statements Cost accounting : • Budgeting • Job order costing • Process costing • Cost of goods sold Financial management : • Capital budgeting • Net Present Value (NPV) • Internal Rate of Return (IRR) • Payback period • Discounted cash flows • Financial analysis • Capital assets pricing model • Simple interest, Compound interest & annuities
4.40+
65+ Reviews
86+ Question Solved
Related Book For
Accounting
ISBN: 978-1285743615
26th edition
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
Question Posted:
Students also viewed these Accounting questions
-
The unadjusted trial balance for Taylor Electronics Company follows: Requirements 1. Journalize the adjusting entries using the following data: a. Interest revenue accrued $ 200. b. Salaries...
-
The unadjusted trial balance for Smith Electronics Company follows: Requirements 1. Journalize the adjusting entries using the following data: a. Interest revenue accrued, $ 500. b. Salaries...
-
Using the following data regarding clothing inventory, determine the value of the inventory at the lower of cost and NRV. Complete the calculation on an individual basis for model numbers 236, 238,...
-
Starting with acetylene as your only source of carbon atoms, identify how you would prepare each member of the following homologous series of aldehydes: a. Ethanal b. Propanal c. Butanal d. Pentanal
-
On July 1, 2005, Cumberland Products, Inc., purchased the assets of Jupiter Brands, Inc., for $12,000,000, a price reflecting a $3,200,000 goodwill premium. On December 31, 2007, Cumberland...
-
Six events relating to liabilities follow: a. Paid the liability for interest payable accrued at the end of the last accounting period. b. Made the current monthly payment on a 12-month installment...
-
Show that after nearly all of the positrons were annihilated and the electron number density had nearly leveled off at the proton density, the ratio of the positron number density to the photon...
-
Comparative financial statement data for Carmono Company follow: For 2009, the company reported net income as follows: Dividends of $14 were declared and paid during 2009. Required: 1. Using the...
-
1) (4 marks) Given the function f(x) = x a. Determine the average rate of change on the interval -5 x 2. b. Is it possible to determine the instantaneous rate of change at x = 2? Explain why or why...
-
Calculate, to two decimal points, Amaya's Total Insurable Earnings in Box 15B. Your answer MUST be written in this format: $1234.56 - any other format may be marked wrong by Moodle. Be sure to...
-
Assume that you are planning to purchase a 55-inch LED, LCD flat-screen television. In groups of three or four, determine the lowest cost for the television, considering the available alternatives...
-
Beginning inventory, purchases, and sales for Item Zebra 9x are as follows: Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) The cost of merchandise...
-
Find the limit of the following sequences or determine that the limit does not exist. k {VOR 2 V9k + 1
-
Guitano, age 67, is concerned about retirement income for his spouse, Marianne, age 66, should he predecease her. He currently receives 100% of the maximum CPP retirement pension. Marianne has a CPP...
-
Two tempered-steel bars, each 3/16 in. thick, are bonded to a 1/2-in. mild-steel bar. This composite bar is subjected as shown to a centric axial load of magnitude P. Both steels are elastoplastic...
-
Dave and Kathy, both age 58, own and operate an antique shop that they plan to run it for as long as possible and then pass along to the family. The business is worth $500,000 and the couple's other...
-
You make a one-time investment of pre-income-tax funds of $5,000 in each of the following accounts for 35 years, earning 10% per year. Assume that all your tax rates stay at 20% over time. How much...
-
58. Allyza is employed in JBC Corporation. She has the following for the current year: Statutory minimum wage Overtime pay Night-shift differential Commission from the same employer Total How much is...
-
Loden shipped a quantity of perishable cucumbers from Yuma, Arizona, to Los Angeles via the Southern Pacific Company Railroad. However, the carrier failed to deliver the goods within the ordinary and...
-
For the next several days, take notes on your listening performance during at least a half-dozen situations in class, during social activities, and at work, if applicable. Referring to the traits of...
-
Hanna Railroad Co. is about to issue $300,000 of 10-year bonds paying a 9% interest rate, with interest payable semiannually. The discount rate for such securities is 8%. How much can Hanna expect to...
-
Assume the same information as BED-13 except that the discount rate was 10% instead of 8%. In this case, how much can Hanna expect to receive from the sale of these bonds?
-
Tomas Taco Company receives a $64,000, 6-year note bearing interest of 6% (paid annually) from a customer at a time when the discount rate is 8%. What is the present value of the note received by...
-
Textile Crafts Company (TCC) sells craft kits and supplies to retail outlets and through online sites such as Etsy.com. Some of the items are manufactured by TCC, while others are purchased for...
-
Find the missing value in the following table. The following financial statement information is from five separate companies. Company Company Company Company Company A B C D E December 31, 2016...
-
Sunshine Sushi, a Japanese restaurant, has the following adjusted trial balance with accounts listed in alphabetical order. For the bank loan, $60,550 is due in 2024. For Notes receivable, $41,500...
Study smarter with the SolutionInn App