Based on the data below, how would the inventory appear on the balance sheet, assuming that the lower of cost or market is used and the cost is determined by the First-in, first-out (FIFO) method? Total cost: $248,000
Total market: $252,350
Lower-of-cost-or-market (LCM): $239,350
The inventory would appear in the current assets section, as follows:
Inventory-at cost (first-in, first-out method) X
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Remember that inventory is an asset account. The method of determining the cost of the inventory and the method of valuing the inventory is also reported
Learning Objective 6

Aquatic marine stores company manufactures special metallic materials and decorative fittings for luxury yachts that require highly skilled labor. aquatic uses standard costs to prepare its flexible budget. for the first quarter of the year, direct materials and direct labor standards for one of their popular products were as follows: direct materials: 3 pounds per unit; $ 6 per pound direct labor: 4 hours per unit; $ 19 per hour during the first quarter, aquatic produced 5 comma 000 units of this product. actual direct materials and direct labor costs were $ 65 comma 000 and $ 330 comma 000, respectively. for the purpose of preparing the flexible budget, calculate the total standard direct materials cost at a production volume of 5 comma 000 units.

What is the second step in communication planning? determine the purpose of the message outline the communication for delivery determine the best channel of communication clarify objectives identify the audience

The stock of grommet corporation, a u.s. company, is publicly traded, with no single shareholder owning more than 5 percent of its outstanding stock. grommet owns 95 percent of the outstanding stock of staple inc., also a u.s. company. staple owns 100 percent of the outstanding stock of clip corporation, a canadian company. grommet and clip each own 50 percent of the outstanding stock of fastener inc., a u.s. company. grommet and staple each own 50 percent of the outstanding stock of binder corporation, a u.s. company. which of these corporations form an affiliated group eligible to file a consolidated tax return?