Montana Co. has determined its year-end inventory on a FIFO basis to be $600,000. Information pertaining...
Montana Co. has determined its year-end inventory on a FIFO
basis to be $600,000. Information pertaining to that inventory is
as follows:
| Selling price | $ | 620,000 | |
| Costs to sell | 30,000 | ||
| Replacement cost | 520,000 | ||
What should be the reported value of Montana’s inventory?
Multiple Choice
a. $600,000.
b. $520,000.
c. $590,000.
d. $620,000.
Homework Answers
Cost = 600,000
Net realizable value = Selling price - Cost to sell
= 620,000 - 30,000
= 590,000
Inventory should be valued at lower of cost or nrv
= 590,000
Option C
Add Answer to:
Montana Co. has determined its year-end inventory on a FIFO
basis to be $600,000. Information pertaining...
Moss Co. has determined its year-end inventory on a FIFO basis to be $400,000. Information pertaining to that inventory...
Moss Co. has determined its year-end inventory on a FIFO basis to be $400,000. Information pertaining to that inventory is as follows: Estimated selling price $ 408,000 Estimated costs to sell 20,000 What should be the book value of Moss's inventory?
Memiman Manufacturing has determined its year-end inventory on a LIFO basis to be $620,000
Memiman Manufacturing has determined its year-end inventory on a LIFO basis to be $620,000 Information pertaining to the inventory is as follows: Selling price $740,000 Costs to sell $39,900 Normal profit margin $90,000 Replacement cost $840,000 What should be the reported value of Merriman's inventory?
Aberforth Dumbledore Co. has determined its year-end inventory on a LIFO basis to be $609,000. Information...
Aberforth Dumbledore Co. has determined its year-end inventory on a LIFO basis to be $609,000. Information pertaining to that inventory is as follows: Selling price Costs to sell Normal profit margin Replacement cost $ 739,000 61,000 43,000 616,000 What amount of ending inventory should Aberforth report?
Sheridan Distribution Co. has determined its December 31, 2020 inventory on a LIFO basis at $917000....
Sheridan Distribution Co. has determined its December 31, 2020 inventory on a LIFO basis at $917000. Information pertaining to that inventory follows: $950000 Estimated selling price 33000 Estimated cost of disposal 113000 Normal profit margin 837000 Current replacement cost Sheridan records losses that result from applying the lower-of-cost-or-market rule. At December 31, 2020, the loss that Sheridan should recognize is $0. O$80000 $113000. $33000
Cullumber Distribution Co. has determined its December 31, 2017 inventory on a LIFO basis at $989000....
Cullumber Distribution Co. has determined its December 31, 2017 inventory on a LIFO basis at $989000. Information pertaining to that inventory follows: Estimated selling price $1030000 Estimated cost of disposal 41000 Normal profit margin 121000 Current replacement cost 909000 Cullumber records losses that result from applying the lower-of-cost-or-market rule. At December 31, 2017, the loss that Cullumber should recognize is $80000. $0. $42000. $122000.
At the end of 2020, the Fox Co. reported the following information: o Ending Inventory $154,000...
At the end of 2020, the Fox Co. reported the following information: o Ending Inventory $154,000 (based on FIFO used since inception) Total Assets $590,000. Total Liabilities $410,000. At the beginning of 2021, the company decided to switch from FIFO to LIFO. The company determined if LIFO would have been used prior to 2021, ending inventory would have been $ 124,000. What adjustment will the Fox Co. prepare, in 2021, to account for the change? 1) Debit retained earnings $30,000....
the answer is A, please show work 24. Information pertaining to the inventory of Paddington Company...
the answer is A, please show work
24. Information pertaining to the inventory of Paddington Company follows. LIFO Cost Selling Price Replacement Cost $3,500 4,500 11,000 $4,000 4,500 11,000 $3,000 4,800 10,500 Category: Supreme .Item A .Item B .Item C Category: Classic .Item X .Item Y .Item Z 18,000 22,000 35,000 18,000 26,500 30,000 19,000 26,000 33,000 The company has a normal profit margin of 20% of selling price and has no additional costs to complete or sell the items....
Teel Distribution Co. LCM Question Where I am confused is that when following LCM, the market...
Teel Distribution Co. LCM Question
Where I am confused is that when following LCM, the market value
should be the replacement cost, at 225, given that it is the
middle-value between the ceiling and floor of 245 and 215
respectively. With that in mind, the loss should be reflected as 25
(250 cost - 225 LCM); what am I missing here? Please explain in
detail for rating.
1. Teel Distribution Co. has determined its December 31, 2007 inventory on a...
Please show all work 5. ABCD Co. has determine its yearend inventory on a conventional retail...
Please show all work
5. ABCD Co. has determine its yearend inventory on a conventional retail inventory basis to be S53.2 million. Information pertaining to the inventory is as follows -Sale Price: $70.0 million - Cost to Sell: $7.5 million -Normal Profit: $10.0 million -Replacement Cost:$49.5 million What yearend inventory value should be reported (5 point)? 6. ABCD Co.'s has sold S50,000,000 of goods in 2018 with product warranty to cover any defeat in the first year. It is estimated...
Assume the following information pertaining to Moonbeam Company: Finished goods inventory Work in process inventory Direct...
Assume the following information pertaining to Moonbeam Company: Finished goods inventory Work in process inventory Direct materials Beginning $158,500 104,000 140,750 Ending $149,650 127,750 157,550 Costs incurred during the period are as follows: Total manufacturing costs Factory overhead Direct materials used $934,000 218,000 172,150 Cost of goods sold is calculated to be: Multiple Choice O $910.250. $926,100 $932,100 ooo $906,100. O $919,100.
Moss Co. has determined its year-end inventory on a FIFO basis to be $400,000. Information pertaining to that inventory is as follows: Estimated selling price $ 408,000 Estimated costs to sell 20,000 What should be the book value of Moss's inventory?
Aberforth Dumbledore Co. has determined its year-end inventory on a LIFO basis to be $609,000. Information pertaining to that inventory is as follows: Selling price Costs to sell Normal profit margin Replacement cost $ 739,000 61,000 43,000 616,000 What amount of ending inventory should Aberforth report?
Sheridan Distribution Co. has determined its December 31, 2020 inventory on a LIFO basis at $917000. Information pertaining to that inventory follows: $950000 Estimated selling price 33000 Estimated cost of disposal 113000 Normal profit margin 837000 Current replacement cost Sheridan records losses that result from applying the lower-of-cost-or-market rule. At December 31, 2020, the loss that Sheridan should recognize is $0. O$80000 $113000. $33000
At the end of 2020, the Fox Co. reported the following information: o Ending Inventory $154,000 (based on FIFO used since inception) Total Assets $590,000. Total Liabilities $410,000. At the beginning of 2021, the company decided to switch from FIFO to LIFO. The company determined if LIFO would have been used prior to 2021, ending inventory would have been $ 124,000. What adjustment will the Fox Co. prepare, in 2021, to account for the change? 1) Debit retained earnings $30,000....
the answer is A, please show work
24. Information pertaining to the inventory of Paddington Company follows. LIFO Cost Selling Price Replacement Cost $3,500 4,500 11,000 $4,000 4,500 11,000 $3,000 4,800 10,500 Category: Supreme .Item A .Item B .Item C Category: Classic .Item X .Item Y .Item Z 18,000 22,000 35,000 18,000 26,500 30,000 19,000 26,000 33,000 The company has a normal profit margin of 20% of selling price and has no additional costs to complete or sell the items....
Teel Distribution Co. LCM Question
Where I am confused is that when following LCM, the market value
should be the replacement cost, at 225, given that it is the
middle-value between the ceiling and floor of 245 and 215
respectively. With that in mind, the loss should be reflected as 25
(250 cost - 225 LCM); what am I missing here? Please explain in
detail for rating.
1. Teel Distribution Co. has determined its December 31, 2007 inventory on a...
Please show all work
5. ABCD Co. has determine its yearend inventory on a conventional retail inventory basis to be S53.2 million. Information pertaining to the inventory is as follows -Sale Price: $70.0 million - Cost to Sell: $7.5 million -Normal Profit: $10.0 million -Replacement Cost:$49.5 million What yearend inventory value should be reported (5 point)? 6. ABCD Co.'s has sold S50,000,000 of goods in 2018 with product warranty to cover any defeat in the first year. It is estimated...
Assume the following information pertaining to Moonbeam Company: Finished goods inventory Work in process inventory Direct materials Beginning $158,500 104,000 140,750 Ending $149,650 127,750 157,550 Costs incurred during the period are as follows: Total manufacturing costs Factory overhead Direct materials used $934,000 218,000 172,150 Cost of goods sold is calculated to be: Multiple Choice O $910.250. $926,100 $932,100 ooo $906,100. O $919,100.
Most questions answered within 3 hours.
-
2) Write a C++ program that uses a class called “Degree” to
obtain the trigonometric
values...
asked 47 minutes ago -
1. In eukaryotic cells the genomes of
&
asked 46 minutes ago -
The standard enthalpy of propanol (C3H7OH) is -303.0 kJ/mol.
Compute both of the
gross and net...
asked 46 minutes ago -
Why PWM using H-bridge for control motor speed is more power
effiecient than the linear amplifier...
asked 1 hour ago -
In 1999, Carly Fiorina famously said,"I hope that we are at a
point that everyone is...
asked 1 hour ago -
Individuals in a species of moth vary in wing color from white to
black, but all...
asked 1 hour ago -
The following standards for variable manufacturing overhead have
been established for a company that makes only...
asked 1 hour ago -
The United States government wanted to determine what proportion
of Americans approve of the current president,...
asked 1 hour ago -
2-N stone is dropped from the top of a cliff. The stone hits the
ground 3...
asked 1 hour ago -
Vitamins participate in metabolic reactions in their coenzyme
forms . Match the following reactions to the respective...
asked 1 hour ago -
We have developed a new mobile device and wish to gain insight
into the price that...
asked 2 hours ago -
12.8 ml of a solution is run into an empty flask, from a buret.
The mass...
asked 1 hour ago