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1- Many companies use the lower-of-cost-or-market method to value inventory. They compare the current value of their inventory with its historical cost and adjust the value, if necessary, to ensure the inventory is booked at the lower of the two values. Why do you think inventories are valued using the lower-of-cost-or-market method? What are at least two arguments for using this method to value inventory? What are at least two arguments against using this method?
2- You are in a job interview, and your potential future employer wants to make sure that you understand accounting principles as they relate to property, plant, and equipment. What are the initial costs that will go into the balance for property, plant, and equipment? What types of additional costs would be added to this account after acquisition? What types of additional costs would be expensed directly? Do you think that there should be more exceptions for deviating from the historical cost principle as it relates to the valuation of property, plant, and equipment? Why?
Compute the amount of accumulated depreciation on each machine at December 31, 2015.
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a company established a direct material standard of 2 pounds of material at a cost of 6 per pound for unit produced.
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for each of the following situations identify the correct factor to use from table 1 or table 2 in the appendix on
What amount of dividends must the company pay the preferred shareholders in 2009 if they wish to pay the common stockholders a dividend?
The first payment is due June 30, 2014. Grace uses the effective-interest method for amortizing debt. Her ski hill company's year-end will be June 30.
holtrop corporation has received a request for a special order of 9000 units of product z74 for 45.90 each. the normal
the iasb based in london england was established with the goal of developing a set of international accounting
goehler inc. acquires all of the voting stock of kenneth inc. on january 4 2010 at an amount in excess of kenneths fair
Prepare the journal entries to record the issuance of the 4 percent bonds and the early retirement of the 6 percent bonds. Assume both sets of bonds were issued at face value. Where should AMC report any gain or loss on this transaction? What dollar ..
Determine predetermined allocation rate that should be used to assign manufacturing overhead to inventory units next year for internal reporting purposes.
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