Reference no: EM132487317
Milford Company determined its ending inventory at cost and at lower of cost and net realizable value at December 31, 2018, 2019, and 2020, as follows:
Cost Lower of Cost and Net Realizable Value
Dec. 31, 2018 $60,000 $60,000
Dec. 31, 2019 79,000 74,500
Dec. 31, 2020 78,800 69,000
Instructions
Question a. Prepare the journal entries that are required at December 31, 2019 and 2020, assuming that a periodic inventory system and the direct method of adjusting to NRV are used.
Question b. Prepare the journal entries that are required at December 31, 2019 and 2020, assuming that a periodic inventory system is used, with inventory recorded at cost and reduced to NRV through the use of an allowance account.
|
What will be the balance reported as a liability by hewlitt
: Assuming the interest rate for this lease is 10%. what will be the balance reported as a liability by Hewlitt in the December 31, 2019, balance sheet?
|
|
Prepare journal entry if any at beginning of third year
: Determine and Prepare the journal entry, if any, at the beginning of the third year for the lessor and lessee to account for the reassessment.
|
|
What does it mean to be an effective health educator
: Educational attainment, credentialing, and work experience contribute to attributes of health educators in practice. However, might health educators possess.
|
|
Develop a new model to illustrate your relationship pattern
: Consider a relationship (friendship or romance) you have been in that has terminated. How well does the Knapp model describe the development and decline.
|
|
Prepare the journal entries that are required at december
: Prepare the journal entries that are required at December 31, 2019 and 2020, assuming that a periodic inventory system is used, with inventory recorded at cost
|
|
Discuss about the development of each dimension
: Conduct an internet search to provide at least one learning activity for each dimension of language (conversational fluency, discrete language skills).
|
|
What is the amount of us federal income tax
: What is the amount of U.S. federal income tax that ABC should pay for 2016. ABC Corporation (a C corp.) had taxable income of $80,000 for 2016
|
|
Would expect the bonds to be trading at prices
: When interest rates were much higher than they are today. Would you expect these bonds to be trading at prices above or below their face values?
|
|
Caculate the residual
: Regression line drawn as y=c+1075x, when x was 2, and y was 239, given that y intercept was 11. Caculate the residual
|