Companys inventory be reported on the balance sheet

Assignment Help Financial Accounting

Reference no: EM131293655

A company had been selling its product for $32 per unit, but recently lowered the selling price to $21 per unit. The company's current inventory consists of 230 units purchased at $28 per unit. The market value of this inventory is currently $ $19 per unit. At what amount should the company’s inventory be reported on the balance sheet?

Reference no: EM131293655

Questions Cloud

Compute straight-line depreciation for each year : Factor Company is planning to add a new product to its line. To manufacture this product, the company needs to buy a new machine at a $491,000 cost with an expected four-year life and a $15,000 salvage value. Compute straight-line depreciation for ea..

Admitting new partner who contributes assets : After the tangible assets have been adjusted to current market prices, the capital accounts of Brad Paulson and Drew Webster have balances of $45,000 and $60,000, respectively. Austin Neel is to be admitted to the partnership, contributing $30,000 ca..

Self-employment and fica tax : Kyle worked as a free-lance software engineer for the first three months of 2016. During that time, he earned $90,000 of self-employment income. On April 1, 2016, Kyle took a job as a full-time software engineer with one of his former clients, Hoogle..

What was cost per equivalent unit for february for material : Lumberjacks, Inc. makes wood frames. They have a single department and they use process costing (FIFO method). On January 31, they had the following costs in WIP: Material: $100,000 + Conversion: $135,000 = $235,000 There were 4,000 frames on hand at..

Companys inventory be reported on the balance sheet : A company had been selling its product for $32 per unit, but recently lowered the selling price to $21 per unit. The company's current inventory consists of 230 units purchased at $28 per unit. The market value of this inventory is currently $ $19 pe..

You think is better from a potential investor standpoint : Should stock option compensation be included as an expense when calculating an organization's net income? Explain why or why not. If so, how should the amount of expense be calculated? As an employee would you prefer to have stock options or ESPPs? W..

How much will he have in the account after four years : Matt recently deposited $25,750 in a savings account paying a guaranteed interest rate of 4.8 percent for the next 10 years. If Matt expects his marginal tax rate to be 26 percent for the next 10 years, how much interest will he earn after-tax for th..

What amount would be includible in his gross estate : Which of the following items an individual owned at the time of his death will be included in his gross estate for federal estate tax purposes: John Jamison transferred $200,000 of tax exempt bonds to a trust for the benefit of his grandchildren 2 ye..

Lowest possible valuation for federal income tax purposes : An Executor would not price an asset at the lowest possible valuation for federal income tax purposes because: In the Hilton family: If Richard gives Kathy a special power of appointment in favor of Paris Hilton than what are each of these people cal..

User Account

All Pages