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!
Prepare the journal entries required to adjust the inventory records at year-end, assuming that Mario's uses the first-in, first-out method. However, the replacement cost of the trees at year-end is $20 apiece, rather than the $40 stated originally. [Make separate journal entries to record (1) the shrinkage losses and (2) the restatement of the inventory at a market value lower than cost. Record the shrinkage losses first.] Information you may need: Mario's Nursery uses a perpetual inventory system. At December 31, the perpetual inventory records indicate the following quantities of a particular blue spruce tree: Quantity Unit Cost Total Cost First purchase (oldest) 130 $ 25.00 $ 3,250 Second purchase 120 28.50 3,420 Third purchase 100 39.00 3,900 Total 350 $ 10,570 A year-end physical inventory, however, shows only 310 of these trees on hand. In its financial statements, Mario's values its inventories at the lower-of-cost-or-market. At year-end, the per-unit replacement cost of this tree is $40. (Use $3,500 as the "level of materiality" in deciding whether to debit losses to Cost of Goods Sold or to a separate loss account.)
on july 31 2010 mexico company paid 3000000 to acquire all of the common stock of conchita incorporated which became a
the normal selling price is 16 per unit. the companys capacity is 15000 units per month. an order has been received
a company is in the process of preparing interim financial statements. since they take physical on an annual basis they
platinum trust has the following stockholders equitypaid in capitols-prefered stock 610 par 8000 shares authorized 6000
material labor and overhead are used to calculate the standard cost. what are some actions a company can take to lower
Explain the concept of “business ethics”. Critically discuss the term “complex ethical dilemma”. Reviewing the real life situations mentioned in the document Complete Guide to Ethics Management:
a company using activity based pricing marks up the direct cost of goods by 30 plus charges customers for indirect
If the cost of an item is $75, the currrent replacement cost is $64, and the selling price is $95, the amoount included in inventory according to the lower of cost or market concept is ??
mustaine company sells only one product at a regular price of amp7.50 per unit. variable expenses are 60 of sales and
EZ Tech's sales in 2010 were $1,050,000, 80% of which were on credit. Collections on account during the year were $670,000. The company wrote off $4,000 of uncollectible accounts during the year.
rand company sells fine collectible statues and has implemented activity-based costing. costs in the shipping
on february 5 land building and equipment were purchased for a total amount of 1220000. the assessed values of these
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