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RUDIKE [14]
3 years ago
9

Garcel, Inc. held unfinished inventory at a cost of $85,000 with a sales value of $125,000. The inventory will cost $10,500 to c

omplete. The normal profit margin is 30% of sales. The replacement cost of the inventory was $75,000. If Garcel uses the last-in, first-out method to determine inventory cost, what amount should Garcel report as inventory on its balance sheet
Business
1 answer:
fiasKO [112]3 years ago
6 0

Answer:

Explanation:

The following information can be gotten from the question:

Net realizable value (NRV) will be:

= $125,000 - $10,500

= $114,500

Normal profit will be:

= $114,500 - (30% × $125,000)

= $114,500 - $37,500

= $77,000

The amount should Garcel report as inventory on its balance sheet should be $77,000.

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2 years ago
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3 years ago
Disputants Martin and Daulton have hired Thurman to mediate their disagreement. Although Martin and Daulton must accept whatever
vekshin1

Answer:

The correct answer is False.

Explanation:

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3 years ago
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kow [346]

Answer: The actual cost of materials was less than the standard cost

Explanation:

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7 0
3 years ago
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mart [117]

Answer:

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= 90 × 35 / 365

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5 0
3 years ago
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