Canova Corporation adopted the dollar-value LIFO retail method on January 1, 2018. On that date, the cost of the inventory on ha
nd was $15,000 and its retail value was $18,750. Information for 2018 and 2019 is as follows:Ending Inventoryat Retail Retail PriceIndex Cost-to-RetailPercentageDate12/31/18 $ 25,000 1.25 82 %12/31/19 $ 28,600 1.30 85 %Required: 1. What is the cost-to-retail percentage for the inventory on hand at 1/1/18?
2. Calculate the inventory value at the end of 2018 and 2019 using the dollar-value LIFO retail method.
A $200 petty cash fund has cash of $20 and receipts of $177. The journal entry to replenish the account would include a credit to:
d. Cash for $180
Explanation: As observed above the petty cash receipts are falling short of $3, But that will be adjusted with expenses as its a small amount and balance of $200 needs to be maintained in the petty cash.
<span>A collision coverage type of insurance only the covers the
cost that is incurred due to damage to your car. It does not include the cost
for the other car. Therefore you will have to pay the total of $1,100</span>
