The reported value of this company's ending inventory if LCM is applied to individual items is $870.
<h3>What is reported value?</h3>
The value of any assets or liabilities or any such credentials, which is recorded in the books of official record for the purpose of accounting as per the standards, is known as the reported value.
The computation of the reported value in the given condition will be,
- Item 1 – 5 Units x $45= $225;
- Item 2 – 7 units x $60= $420;
- Item 3 – 9 Units x $25= $225.
The summation of all the reported values will be,
$(225+420+225)= $870.
Hence, the reported value of the inventory of the company is as aforementioned.
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Answer:
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Explanation:
<span> bank account where the depositor can write </span>checks<span>. A bank account where money is stored and returns a low interest rate. The same thing as a </span>checking<span> account. ...</span>Blank is a check that is dishonored because of insufficient funds<span>.</span>
Answer:
a) decrease in equilibrium price and an increase in equilibrium quantity.
Explanation:
As the input cost decreases for the companies the the supply of the goods increases hence the supply curve shifts rightwards.In the curve at the new equilibrium point the equilibrium price decreases and the equilibrium quantity increases.
Think it like if cost of creating anything is decreased for a company then the company will create more products .So there will be more products in the market.So to clear the products in the market the price will be reduced and the quantity of the product is more than before.
Answer:
Price floor binding
b. price ceiling binding
price floor and binding
Explanation:
A price floor is when the government or an agency of the government sets the minimum price of a product. A price floor is binding if it is set above equilibrium price.
Price ceiling is when the government or an agency of the government sets the maximum price for a product. It is binding when it is set below equilibrium price.
The minimum price of milk is above equilibrium price. So, it is a binding price floor
The maximum price of milk is below equilibrium price. It is binding price ceiling
If teenagers can't find jobs due to minimum wages law. It means that the minimum wage must be above equilibrium price. This is because it is when price is above equilibrium price that supply of labour outstrips demand. So, it is a binding price floor
