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Alinara [238K]
3 years ago
11

Ross Electronics has one product in its ending inventory. Per unit data consist of the following: cost, $24; selling price, $40;

selling costs, $9. What unit value should Ross use when applying the lower of cost or net realizable value rule to ending inventory?
Business
1 answer:
Nonamiya [84]3 years ago
5 0

Answer:

Unit value would be $24

Explanation:

Lower of cost is the method which is described as where the inventory that should be recorded at the lowest or the net realizable value (NRV). This method is linked with the principle or the guideline of conservatism.

When Ross is applying the method of lower of cost or net realizable value, to the ending inventory, the unit value would the cost per unit that is $24 and the selling price which is to be taken is $9 as it is the lowest.

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Rick Co. had 30 million shares of $1 par common stock outstanding at January 1, 2021. In October 2021, Rick Co.'s Board of Direc
Pie

Answer:

The journal entry is as follows:

Retained earnings A/c Dr. $18 million

        To common stock                        $0.30 million

        To capital paid in excess A/c      $17.70 million

(To record the stock dividend issued at 1%)

Working notes:

Shares issued = 1% of 30 million

                        = 0.30 million

Retained earnings:

= 0.30 million × $60 per share

= $18 million

Common stock:

= 0.30 million × $1 par value

= $0.30 million

Capital paid in excess:

= Retained earnings - Common stock

= $18 million - $0.30 million

= $17.7 million

8 0
3 years ago
Suppose that the equilibrium exchange rate (Euro/$) is .90 and the The Federal Reserve decides to fix the exchange rate at .70.
adoni [48]

Answer:

C. The Federal Reserve will need to have official reserves of euros to purchase dollars in the foreign exchange market.

Explanation:

Federal Reserve required to have a euros reserves as it can applied it also at the case when the exchange rate is move upward or downward

For the other things, the fed could restrict the supply with respect to the dollar in the foreign exchange market in order to get it stable that opposed with euro

Therefore the option c is correct

3 0
2 years ago
Text written for advertising and marketing campaigns is referred to as o content. context O copy o collateral​
melisa1 [442]

Answer:

always be it and never fail

Explanation:

5 0
3 years ago
Carney Company manufactures cappuccino makers. For the first eight months of 2019, the company reported the following operating
cupoosta [38]

Answer:

Total  effect on income= $190,000

Explanation:

Giving the following information:

Sales (500,000 units) $90,000,000

Cost of goods sold 54,000,000

Gross profit 36,000,000

Operating expenses 24,000,000

Net income $12,000,000

An analysis of costs and expenses reveals that the variable cost of goods sold is $95 per unit and variable operating expenses are $35 per unit. In September, Carney Company receives a special order for 40,000 machines at $135 each from a major coffee shop franchise. Acceptance of the order would result in $10,000 of shipping costs but no increase in fixed expenses

Because it is a special offer and there is unused capacity, we will not have into account the fixed costs.

Total unitary cost= 95 + 35 + (10,000/40,000)= 130.25

Contribution margin= 135 - 130.25= 4.75

Total  effect on income= 4.75*40,000= $190,000

7 0
3 years ago
Karl opens a savings account with $2500. He deposits $1500 every year into the account that has a 0.75% interest rate, compounde
zhuklara [117]

Answer:

Total FV= $29,335.25

Explanation:

<u>First, we need to calculate the future value of the initial investment ($2,500) using the following formula:</u>

FV= PV*(1 + i)^n

PV= $2,500

i= 0.0075

n=10*12= 120 months

FV= 2,500*(1.0075^120)

FV= $6,128.39

<u>Now, the future value of the $1,500 annual deposit:</u>

FV= {A*[(1+i)^n-1]}/i

A= annual deposit

We need to determine the effective annual rate:

Effective annual rate= (1.0075^12) - 1= 0.0938

FV= {1,500*[(1.0938^10) - 1]} / 0.0938

FV= $23,206.86

Total FV= $29,335.25

5 0
3 years ago
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