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Q. Explain about lower-of-cost-or-market method?
The lower-of-cost-or-market (LCM) method is the inventory costing method that values inventory at the lower of its historical cost or its current market (replacement) cost. The term cost refers to historical cost of inventory as determined under the specific identification LIFO, FIFO or weighted-average inventory method. Market in general refers to a merchandise item's replacement cost in the quantity usually purchased. The basic supposition of the LCM method or process is that if the purchase price of an item has fallen its selling price as well has fallen or will fall. The LCM process has long been accepted in accounting. In LCM inventory items are written down to market value when the market value is less than the cost of the items. For instance assume that the market value of the inventory is USD 39600 and its cost is USD 40000. Afterwards the company would record a USD 400 loss because the inventory has lost some of its revenue-generating ability. The company should recognize the loss in the period the loss occurred. On the other hand if ending inventory has a market value of USD 45000 as well as a cost of USD 40000 the company wouldn't recognize this increase in value. To do so would recognize revenue prior to the time of sale.
Difference between SAP MEMORY and ABAP MEMORY? Ans) SAP Memory: Global, user-related memory that enlarges beyond transaction limits. Access to the SAP memory is through SPA/GPA
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A store receives $400 cash after offering a chain discount of 10/10/5 on a good. What was the list price? A. $492.20 B. $519.82 C. $533.33 D. $612.00
Q. What is Cyclic reporting? Cyclic reporting and the matching principle necessitate the preparation of adjusting entries. Adjusting entries are journal entries prepared at the
Calculate, CPA, is compiling a cash flow statement for his client, Happy Hal Printing. Over the course of the year Happy Hal acquired new equipment by putting down half of the purc
Desrocher Ltd. issued an instalment note on January 1, 2014 (with a required yield of 9%), in exchange for land that it purchased from Safayeni Ltd. Safayeni's real estate agent
Q. How to determine inventory cost? To place the proper evaluation on inventory a business must answer the question: Which costs must be included in inventory cost? After that
Revenues emerge in the Income Statement credit column of the work sheet. The two revenue accounts in the Income Statement are credit column for Micro Train Company are service reve
The Olympic Company has an accounts receivable balance at December 31, 2010 of $159,548.00. The existing balance in the Allowance for Uncollectible Accounts was a credit of $2,563
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