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Inventory: Complete the following assignment. Submit your responses in MSWord as one document. Label each section clearly. If you choose to use an Excel spreadsheet for question 1, please copy and paste your spreadsheet into your Word document. For written answers, please make sure your responses are well written, conform to APA formatting, and have proper citations, if needed. 1. Please determine the amount at which the inventory should be reported on December 31 Year 1 balance sheet using the following information: Historical cost $20,000 Replacement cost $14,000 Estimated selling price $17,000 Estimated costs to complete and sell $2,000 Normal profit margin as a percentage of selling price 20% The entire inventory on hand at December 31, Year 1 was completed in Year 2 at a cost of $1,800 and sold at a price of $17,150. 2. Determine the impact on income in Year 1 and Year 2 under (1) IFRS and (2) US GAAP.
Kim owns a chinese restaurant. The business's fixed assets include some kitchen equipment. Prepare the disposal account recording the profit orloss on the sale of the kitchen equipment.
Which of the following would be an appropriate performance indicator for a not-for-profit health care organization?
A tabular analysis of transactions made throughout August 2010 by Witten Company during its first month of operations
Record the transactions on page 8 of a general journal. You can Omit descriptions. You can use any General Journal template or the one attached.
What are some methods that aid management in analyzing the expected results of capital budgeting decisions?
At December 31, 2011, the following information was available for J. Graff Company: ending inventory $53,800, beginning inventory $65,120, cost of goods sold $285,860, and sales revenue $381,580. Calculate inventory turnover and days in inventory ..
How is the business process level pattern for the conversion cycle similar to the business process pattern for the revenue cycle? How are the two patterns different?
Why should related party transaction be disclosed for a nonprofit organization, aren't we all working towards the common mission in an NPO?
Mary received a liquidating distribution from ABC Corporation as part of the complete liquidation of ABC Corporation. Mary's basis for her ABC Corporation stock was $10,000.
Compute cost of goods available for sale and the number of units available for sale. Compute the number of units in endinginventory.
Compare and contrast the accounting reporting criteria-including regulatory environment, issues with foreign currency, differences in GAAP, and any others-of a U.S. company with a foreign company.
Make journal entries to record the receivable from the sales transaction and the forward contract on April 1. Make journal entries to record collection of the receivable and settlement of the forward contract on May 30
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