Business, 26.11.2019 07:31 shadowz8813
Forester company has five products in its inventory. information about the december 31, 2018, inventory follows.
product quantity unit
cost unit
replacement
cost unit
selling
price
a 900 $ 19 $ 21 $ 25
b 800 24 20 27
c 1,000 12 11 17
d 500 16 13 15
e 800 23 21 22
the cost to sell for each product consists of a 15 percent sales commission. the normal profit percentage for each product is 25 percent of the selling price.
required:
1. determine the carrying value of inventory at december 31, 2018, assuming the lower of cost or market (lcm) rule is applied to individual products.
2a. determine the carrying value of inventory at december 31, 2018, assuming the lcm rule is applied to the entire inventory.
2b. assuming inventory write-downs are usual business practice for forester, record any necessary year-end adjusting entry.
req 1
determine the carrying value of inventory at december 31, 2018, assuming the lower of cost or market (lcm) rule is applied to individual products. (do not round intermediate calculations.)
product (units) rc nrv nrv-np market cost inventory value
a (900)
b (800)
c (1000)
d (500)
e (800)
total $0 $0 $0forester company has five products in its inventory. information about the december 31, 2018, inventory follows.
product quantity unit
cost unit
replacement
cost unit
selling
price
a 900 $ 19 $ 21 $ 25
b 800 24 20 27
c 1,000 12 11 17
d 500 16 13 15
e 800 23 21 22
the cost to sell for each product consists of a 15 percent sales commission. the normal profit percentage for each product is 25 percent of the selling price.
required:
1. determine the carrying value of inventory at december 31, 2018, assuming the lower of cost or market (lcm) rule is applied to individual products.
2a. determine the carrying value of inventory at december 31, 2018, assuming the lcm rule is applied to the entire inventory.
2b. assuming inventory write-downs are usual business practice for forester, record any necessary year-end adjusting entry.
req 1
determine the carrying value of inventory at december 31, 2018, assuming the lower of cost or market (lcm) rule is applied to individual products. (do not round intermediate calculations.)
product (units) rc nrv nrv-np market cost inventory value
a (900)
b (800)
c (1000)
d (500)
e (800)
total $0 $0 $0
Answers: 3
Another question on Business
Business, 21.06.2019 20:30
Northington, inc. is preparing the company's statement of cash flows for the fiscal year just ended. using the following information, determine the amount of cash flows from operating activities using the indirect method: net income$182,000gain on the sale of equipment12,300proceeds from the sale of equipment92,300depreciation expense—equipment50,000payment of bonds at maturity100,000purchase of land200,000issuance of common stock300,000increase in merchandise inventory35,400decrease in accounts receivable28,800increase in accounts payable23,700payment of cash dividends32,000 $189,400.$332,200.$236,800.$261,400.$186,800.
Answers: 2
Business, 22.06.2019 00:30
Which statement is true about the elements of the interface of a presentation program? a. the status bar appears at the top of the page and displays options to style your slides. b. the tool bar displays the thumbnails of your presentation slides in the order they will appear in the presentation. c. rulers indicate the margins, tabs, and indents in a presentation slide. d. the document area provides a list of commands to create, format, and edit presentations.
Answers: 3
Business, 22.06.2019 05:50
Cosmetic profits. sally is the executive vice president of big name cosmetics company. through important and material, nonpublic information, she learns that the company is soon going to purchase a smaller chain of stores. it is expected that stock in big name cosmetics will rise dramatically at that point. sally immediately buys a number of shares of her company's stock. she also tells her friend alice about the expected purchase of stores. alice wanted to purchase stock in the company but lacked the funds with which to do so. although she did not have the funds in bank a, alice decided to draw a check on bank a and deposit the check in bank b and then proceed to write a check on bank b to cover the purchase of the stock. she hoped that she would have sufficient funds to deposit before the check was presented for payment. of which of the following offenses, if any, is alice guilty of by buying stock?
Answers: 2
Business, 22.06.2019 16:00
Arnold rossiter is a 40-year-old employee of the barrington company who will retire at age 60 and expects to live to age 75. the firm has promised a retirement income of $20,000 at the end of each year following retirement until death. the firm's pension fund is expected to earn 7 percent annually on its assets and the firm uses 7% to discount pension benefits. what is barrington's annual pension contribution to the nearest dollar for mr. rossiter? (assume certainty and end-of-year cash flows.)
Answers: 2
You know the right answer?
Forester company has five products in its inventory. information about the december 31, 2018, invent...
Questions
Computers and Technology, 11.03.2021 19:10
Arts, 11.03.2021 19:10
Arts, 11.03.2021 19:10
Mathematics, 11.03.2021 19:10
Mathematics, 11.03.2021 19:10
Mathematics, 11.03.2021 19:10
Mathematics, 11.03.2021 19:10
English, 11.03.2021 19:10
Mathematics, 11.03.2021 19:10
SAT, 11.03.2021 19:10
Mathematics, 11.03.2021 19:10
Mathematics, 11.03.2021 19:10
