User Account

All Pages

What amount should be reported on laib camera shop

Assignment Help Accounting Basics
Reference no: EM13531802

Laib Camera Shop Inc. uses the lower-of-cost-or-market basis for its inventory. The following data are available at December 31.

Market

Units

Cost/Unit

Value/Unit

Cameras


Minolta

5

$170

$158

Canon

7

145

152

Light Meters


Vivitar

12

125

114

Kodak

10

120

135

Instructions

What amount should be reported on Laib Camera Shop"s financial statements, assuming the lower-of-cost-or-market rule is applied?

Reference no: EM13531802

Questions Cloud

Determine the inventory turnover and days in inventory : Determine the inventory turnover and days in inventory for 2011 and 2012. Discuss the changes in the amount of inventory, the inventory turnover and days in inventory, and the amount of sales across the two years.
Evaluate the ph of the buffer after 5.0 g of koh is added : A buffer is prepared by dissolving 25.0 g of sodium acetate (NaC2H3O2), in 1.20 L of a solution of 0.560 M acetic acid (HC2H3O2). Assume that the volume remains the same after dissolving the NaC2H3O2
Determine the value of the companys inventory : Determine the value of the companys inventory under the lower-of-cost-or-market approach - Bardell Company sells three different categories of tools
A run wire selection based on the limitation of the voltage : The system is being designed with 18 Solec modules. Two parallel-series arrays of 9 modules in each. Design wiring from the two arrays consider both cases: combine wires into one set with high current or run two sets of wires with lower current: 50..
What amount should be reported on laib camera shop : What amount should be reported on Laib Camera Shop's financial statements, assuming the lower-of-cost-or-market rule is applied?
What is the size of the friction force on the car : A 1300 kg car takes a 52 m radius unbanked curve at 15 m/s. What is the size of the friction force on the car
Gross profit rate for pepsico : Calculate the inventory turnover ratio, days in inventory, and gross profit rate for PepsiCo., Inc. for 2007, 2008, and 2009. Comment on any trends.
Air molecules in a warm room : Air molecules in a warm room
A direction perpendicular to this initial direction : A direction perpendicular to this initial direction

Reviews

Write a Review

Accounting Basics Questions & Answers

  Which of the following costs would be classified as

which of the following costs would be classified as variable and which would be classified as fixed if units produced

  Adjusted trial balance for account and its ledger

Discuss the relationship between the amounts on the adjusted trial balance for an account and its ledger? Discuss the relationship of the adjusted trial balance and the amount on the financial statements?

  List several business risks or other factors

Modify the assumptions and perform sensitivity analysis to identify a set of cost reductions and/or payment deferrals that would allow Jordan to meet his goals. Leave all other assumptions unchanged.

  Depreciation schedule showing depreciation expense

A small delivery truck was purchased on January 1 at a cost of $25,000. It has an estimated useful life of four years and an estimated salvage value of $5,000. Prepare a depreciation schedule showing the depreciation expense, accumulated depreciat..

  Article analysis using macroeconommic indices

Conduct an analysis of recent article and provide their evaluation and outcome expectations in written paper of 1500-2500 words that discusses:

  Exchange rates relative to the transaction

Exchange rates relative to the transaction

  Face value of convertible bonds

Global sells $1,350,000 face value of convertible bonds at a price of 101.Global realizes proceeds of $ 1,363,500.The ten year bonds carry an interest rate(coupon rate) of 6% with interest paid semi annually.

  Preparation of classified balance sheet using given data

Preparation of classified balance sheet using given data, From the following data, prepare a classified balance sheet for Simon Company at December 31, 2006.

  Show support for the bond payable discount by preparing

On June 1, 2002, a company purchased on the open market $20,000 of a company's non-convertible (or convertible) bonds (2% of $1,000,000 bonds outstanding) at a price of "60" ($12,000 cash) plus accrued interest.

  Analyze and record the march transactions

Analyze and record the March transactions for Emerald HealthCare Inc. using the integrated financial statement framework. Record each transaction by date.

  Identify and explain four 4 key attributes of larry

identify and explain four 4 key attributes of larry frymires leadership style.identify and explain four 4 major

  The income statement for edgebrook company shows cost of

situation achenowith co. reports revenues of 203580 and operating expenses of 108190 in its first year of operations

Free Assignment Quote

Assured A++ Grade

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd