Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Lower of cost or market
Leaders Company has five products in its inventory. Information about the December 31,2011, inventory follows.
Product Quantity Unit Cost Unit Replacement Cost Unit Selling Price
A 1,000 $10 $12 $16
B 800 15 11 18
C 600 3 2 8
D 200 7 4 6
E 600 14 12 13
The selling cost for each product consists of a 15 percent sales commission. The normal profit percentage for each product is 40 percent of the selling price.
Required:
1-Determine the balance sheet inventory carrying value at December 31,2011 assuming the LCM rule is applied to individual products.
2-Determine the balance sheet inventory carrying value at December 31, 2011, assuming the LCM rule is applied to the entire inventory, Also, assuming that Leaders recognizes an inventory write -down as a separate income statement item, determine the amount of the loss.
Z later sells the land to another outside party for $40,000 (T3). Assume that only T1 and T2 are completed during the current period. Illustrate what is the amount of gain reported in A Company's consolidated financial statements?
Computation of loss and gain on retirement of bonds - Country reacquired all of these bonds at 96 on June 30, 2007, and retired them. Ignoring income taxes, how much gain/loss should country record on the bond retirement?
Impact on Net Income due to changes in prices - If the plugs are purchased and the facility rented, Mennekes Company wishes to realize $100,000 in savings annually. To achieve this goal, what must be the minimum annual rent on the facility?
Burrough also paid $3,000 to a search firm for finder's fees related to the acquisition. Illustrate what amount will be recorded as goodwill by Burrough Corporation while recording its investment in Helyar?
Westgate uses percentage-of-completion method of accounting for long-term construction contracts evaluate amount of gross profit (loss) to be recognized in each of three years.
Evaluate depreciation expense for the years 2011 during 2013 under every depreciation listed below: Stright-line, with fractional years rounded to the closed whole month.
Calculate the predetermined overhead rate, compute the total manufacturing overhead applied to the Work in Process Inventory account during the first month of operations and compute the balance in the Work in Process Inventory account at the end of t..
Discuss ramifications and implications of Section 1031 exchanges and Section 121 exclusions, considering the impact of the recent increase in housing prices and the initial decline in housing today.
During the 2011 holiday season, Bob, a barber, gave business gifts to 34 customers. The values of the gifts, which were not of a promotional nature, were as follows: For 2011, illustrate what is the amount of Bob's business gift deduction?
In no more than one page, discuss the pros and cons of each possible revenue recognition point and provide a conclusion as to when you believe a company, like Sony in this example, should recognize revenue.
Financial Statement Analysis and Preparation, The stockholders' equity section of Mission Company
Montoini Company purchases equipment on January 1, year 1, at a cost of $469,000. The asset is expected to have a service life of 12 years and a salvage value of $40,000. Compute amount of depreciation for each of years 1 through 3 using the strai..
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd