1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
jonny [76]
3 years ago
5

Ross Electronics has one product in its ending inventory. Per unit data consist of the following: cost, $36; selling price, $48;

selling costs, $6. What unit value should Ross use when applying the lower of cost or net realizable value rule to ending inventory?
Business
2 answers:
nata0808 [166]3 years ago
7 0

Answer:

$36

Explanation:

According to IAS 2 inventories, Inventory is to be recognized at cost but subsequently carried at the lower of cost or net realizable value.

Given that Per unit data consist of the following: cost, $36; selling price, $48; selling costs, $6.

Applying the lower of cost or net realizable value rule to ending inventory, the unit value

cost = $36

net realizable value = $48 - $6 = $42

The lower of cost or net realizable value is the cost. Hence, the unit value of inventory will be the cost at $36.

Vsevolod [243]3 years ago
4 0

Answer:

Unit value of $36 Ross should use when applying the lower of cost or net realizable value rule to ending inventory.

Explanation:

Inventory should be recorded on:

Lower of

  • Cost
  • Net realizable value

Cost of product = $36 per unit

Net realizable value = selling price -selling cost = $48 - $6 = $42

So the lower value is the cost value of $36 for the product. So, this value should be used in order to determine the cost of ending inventory.

You might be interested in
PLEASE HURRY ASAP!!!
pogonyaev

Answer:

My best guess is numbers 1,3,4,6

Explanation:

It makes sense, number 1 when you have face-to-face discussions it will be better to understand what the person is saying. Number 3 teachers need to help others. Number 4 you need to be in contact with people around you so if you have any questions you will get an answer. Lastly, number 6 if you are unbalanced your not going to get anything done, you will be all over the place and wouldn't know what to do which is why its important to spend time regaining balance.

Hope this helps!

6 0
3 years ago
Read 2 more answers
The following data were collected during a study of consumer buying patterns:
makvit [3.9K]
Dude what is this even for i have never seen this in my life wow i wish the best of luck to you because that is a doozie.
7 0
3 years ago
The following are budgeted data:
kicyunya [14]

Answer:

d. 18,570 pounds

Explanation:

The computation of the raw material purchased for the month of February is shown below:

= Production in units + ending inventory - beginning inventory

where,

Production in units = 19,200

Ending inventory is

= 17,100 × 30% × 1

= 5,130

And, the beginning inventory is

= 19,200 × 30% × 1

= 5,760

So, the raw material purchased for the month of February is

= 19,200 + 5,130 - 5,760

= 18,570 pounds

We simply applied the above formulas

7 0
3 years ago
Which ratios help assess the firm’s ability to meet cash needs as they arise?
Tom [10]

Answer:

Option A Current Ratio

Explanation:

The reason is that current ratio gives information from which source of finance the working capital is funded from. If the answer is below 1 then the short term liabilities are used to finance the short term assets. This also tells whether or not the company possesses enough cash and cash equivalents to fund its future cash needs by comparing its result with past data and the industry average. So the right option is option A.

6 0
4 years ago
Your job pays you only once a year for all the work you did over the previous 12 months. Today, December 31, you just received y
bulgar [2K]

Answer:

$2,171,762

Explanation:

since there is not enough room here I used an excel spreadsheet

Download pdf
6 0
3 years ago
Other questions:
  • Maria wants to start a new business in collaboration with her husband and brother-in-law. The features she is looking for in the
    11·1 answer
  • Andrew initially worked with a travel website for few months and then became self-employed by starting a martial arts school, wh
    11·1 answer
  • When inserting cells, you need to decide whether the remaining cells will be shifted ________ or shifted ________.
    9·1 answer
  • Angela wants to sell her business. Sadie has expressed an interest in purchasing it, but is worried about whether or not she wil
    5·2 answers
  • During the current year, Comma Co. had outstanding: 25,000 shares of common stock; 8,000 shares of $20 par, 10% cumulative prefe
    15·1 answer
  • In an attempt to minimize agency problems in a company (potential conflict of interest between the company's managers and shareh
    12·1 answer
  • Click this link to view O*NET’s Skills section for Petroleum Engineers. Note that common skills are listed toward the top, and l
    10·2 answers
  • There will be a higher equilibrium price and quantity if
    11·1 answer
  • Concert Production is planning an appearance of the top band Iggy Wiggy. They plan to buy custom desgined T-shirts to sell at th
    15·1 answer
  • Culture clashes frequently happen when ________ within an organization interpret rules differently based on their levels within
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!