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Harman [31]
2 years ago
13

On November 6, 20X7, Zucor Corp. purchased merchandise from an unaffiliated foreign company for 50,000 units of the foreign comp

any's local currency. On that date, the spot rate was $1.259. Zucor paid the bill in full three months later when the spot rate was $1.258. The spot rate was $1.255 on December 31, 20X7. What amount should Zucor report as a foreign currency transaction gain in its income statement for the year ended December 31, 20X7?
a. $0
b. $50
c. $
d. $200

Business
1 answer:
fgiga [73]2 years ago
8 0

Answer

The answer and procedures of the exercise are attached in the following archives.

Explanation  

You will find the procedures, formulas or necessary explanations in the archive attached below. If you have any question ask and I will aclare your doubts kindly.  

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Answer:

Cullumber Company

The ending inventory is:

= $4,888.

Explanation:

a) Data and Calculations:

Item      Units     Unit Cost     Net Realizable Value   Value of Ending

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Total value of Ending Inventory based on LCNRV =          $4,888

b) The Lower of cost- or net realizable value method of valuing ending inventory determines the value by choosing the lower value between the cost price of the inventory and the net realizable value.  The purpose that is served by using the LCNRV method is that it reflects the decrease of inventory value when it goes below its original cost while at the same time it does not recognize the increased market value when the cost is lower.

4 0
3 years ago
In its 2016 annual report, Caterpillar Inc. reported the following (in millions): 2016 2015 Sales $38,537 $47,011 Cost of goods
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Answer:

B. Gross profit decreased from 28.6% to 26.5%

Explanation:

As for the provided information, we have

Particulars                    Year 2016             Year 2015

Sales                              $38,537                $47,011

Cost of goods sold        $28,309               $33,546

Gross Profit                   $10,228                 $13,465

Gross profit as a percentage of sales shall be:

Year 2016 = \frac{10,228}{38,537} \times 100 = 28.54

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IRINA_888 [86]
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Answer:

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