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Q. Illustrate lower-of-cost-or-market method?
Procter & Gamble markets a broad range of paper, cleaning, beauty care, health care, food, laundry and beverage products around the world. Procter & Gamble's annotation in its Notes to Consolidated Financial Statements in its annual report illustrates that companies often disclose LCM in their notes to financial statements.
Inventories are valued at cost, which isn't in excess of current market price. Cost is primarily determined by also the average cost or the first-in first-out method. The replacement cost of last-in first-out inventories exceeds carrying value by approximately USD 169.
A company using periodic inventory procedure may perhaps estimate its inventory for any of the following reasons
- To acquire an inventory cost for use in monthly or quarterly financial statements without taking a physical inventory. The effort of taking a physical inventory is able to be very expensive and disrupts normal business operations; once a year is often enough.
- To evaluate with physical inventories to determine whether shortages exist.
- To verify the amount recoverable from an insurance company when fire has destroyed inventory or the inventory has been stolen.
Consumers and others: Consumers' organizations, welfare organizations, media and public at huge are also interested in condensed accounting information so as to appraise the effic
paid rent $200 by cash
Describe the mechanisms that WorldCom's management used to transfer profit from other time periods to inflate the current period.
Q. What is Inventory? Inventory -- Supply or stock of products and goods that a company has for sale. Amanufacturer may have 3 kinds of inventory: raw materials waiting to be c
Q. What is Gross selling price? When a sale is on account it credits the Sales account as well as debits Accounts Receivable. The following entry records a USD 20000 sale on ac
How does contribution margin work?
Question 1 Write a short note on the following with example a. Activating budgets b. Reversing journals c. Memorandum vouchers d. Optional vouchers e. Creating Bill of Materials
Complete a descriptive analysis of the following data elements in the Organizational Assessment Study dataset. Use appropriate graphical tools and descriptive statistics to charact
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