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1. (a) What criteria are used to determine which of Diane's costs are inventoriable? (b) Are Diane's administrative costs inventoriable?
2. (a) Diane uses the lower of cost or market rule for its wholesale inventories. Explain the theoretical arguments for that rule. (b) The replacement cost of the inventories is below the net realizable value less anormal profit margin, which, in turn, is below the original cost. Explain the amount that is used to value the inventories.
3. Diane calculates the estimated cost of its ending inventories held for sale at retail using the conventional (lower of average cost or market) retail inventory method. Explain how Diane would treat the beginning inventories and net markdowns in calculating the cost ratio used to determine its ending inventories.
Books-R-Us, Inc. committed to sell its comic book division (a component of the business) on September 1, 2010. The book value of the division's net assets was $400,000 and the estimated selling price of the net assets was $350,000.
Richard was required to pay Alice $1,500 per month of which $600 was designated as child support. He made 12 such payments in 2009. Assuming that Alice has no other income, her tax return for 2009 should show gross income of:
The Fistman Company reports net income of $42,000. Interest allowances are Stewart $4,500 and Bliss $7,500; partner salary allowances are Stewart $27,000 and Bliss $15,000 and the remainder is shared equally.
30-day T-bills are currently yielding 8 percent. Current interest rate premiums: Inflation premium: 5% Liquidity premium: 1% Maturity risk premium: 2%: Default risk premium: 2% Calculate the real risk-free rate of return.
a manager wishes to find out whether there is a relationship between the number of radio ads aired per week and the
In taking a physical inventory on December 31, Jensen counted all goods on hand and priced the inventory on the basis of average cost. The total amount was $600,000. No goods in transit were included in this figure.
What is push-down accounting? Under what conditions is push-down accounting appropriate? What happens to the differential when push-down accounting is used following a business combination?
the new ceo of radco manufacturing has asked for a variety of information about the operations of the firm from last
John is attorney earns a fee $500,000 plus the recovery of expenses paid up front in the amount of $30,000. He is thinking about buying the building that he currently lease his office space in. His current lease is $5,000 per month. How to minimiz..
evaluate the practical and conceptual reasons for the reporting requirements of research and development costs required
The company has sufficient capacity to produce the additional units. How much is the relevant income effect of accepting the special order?
Which of the following statements is (are) false regarding cost allocations and product costing?
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