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Leya [2.2K]
3 years ago
6

Metlock, Inc. uses the lower-of-cost-or-net realizable value basis for its inventory. The following data are available at Decemb

er 31. Item Units Unit Cost Net Realizable Value Cameras: Minolta 3 $178 $156 Canon 10 147 174 Light meters: Vivitar 15 134 104 Kodak 16 121 133 Determine the amount of the ending inventory by applying the lower-of-cost-or-net realizable value basis. The ending inventory
Business
1 answer:
AURORKA [14]3 years ago
7 0

Answer:

The $5,434 is the the amount of the ending inventory by applying the lower-of-cost-or-net realizable value basis.

Explanation:

Based on the Generally Accepted Accounting Principles (GAAP), the inventory value should be recorded at the cost or net realizable value whichever is lower.

So, by using the above information. Now we can compute the ending inventory.

For Camera :

1. Minolta = Unit price × lower cost of Net realizable value or cost

                 = 3 × 156

                = $468

2. Canon = Unit price × lower cost of Net realizable value or cost

                = 10 × 147

                = $1,470

For Light Meters:

1. Vivitar = Unit price × lower cost of Net realizable value or cost

               = 15 × 104

               = $1,560

2. Kodak = Unit price × lower cost of Net realizable value or cost

              = 16 × 121

              = $1,936

So, the ending inventory is sum of the value of all products which is equals to

Minolta + Canon + Vivitar + Kodak

$468 + $1,470 + $1,560 + $1,936

$5,434

Hence, $5,434 is the the amount of the ending inventory by applying the lower-of-cost-or-net realizable value basis.

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If businesses follow regulations, financial disasters are far less likely.
lys-0071 [83]

Answer:

True

Explanation:

All businesses, regardless of type or size, must abide by statutes and regulations. Laws comes from all levels of government. Some laws apply to specific sectors, but the majority addresses the entire industry.

Regulations deal with business registration, licensing, and employee compensation. Laws related to professional bodies such as lawyers or doctors must be adhered to by relevant businesses.  Governments impose regulations on taxation, statutory deduction, and safety in the workplace.

Following regulations protects the customers, employees, and businesses.  An employee who follows the law knows what is expected of them. Following rules will save the company from lawsuits. Employees will feel confident and motivated when they work for a company that follows the law.

Not following the law will cause problems with the tax authorities.  It may lead to misrepresentation of financial records or expose employees to hazardous work environments.  Such a business will most likely face may lawsuits that come along with huge costs. Not following the law may lead to the collapse of a company.

6 0
3 years ago
Cutter Enterprises purchased equipment for $72,000 on January 1, 2011. The equipment is expected to have a five-year life and a
lapo4ka [179]

Answer:

$22000 and $50000.

Explanation:

Given: Purchased value of equipment- $72000.

           Residual value- $6000

           Estimated useful life of equipment- $ 5 years.

Now, finding value of depreciation for 2011 using the sum of the years digits method.

Depreciation cost= (\textrm{Purchased value - residual value}

⇒ Depreciation cost= (72000-6000)= \$ 66000

∴ Depreciation cost= $66000.

     

Depreciation fraction for 1st year= \frac{5}{1+2+3+4+5} = \frac{5}{15}

Depreciation expense for 1st year= \frac{5}{15} \times 66000= \$ 22000

∴ Depreciation for 2011 is $22000.

Next, lets find out the book value at the end of  first year.

Book value= (\textrm{Purchased value - depreciation expense})

Book value= (72000 - 22000) = \$ 50000

∴ Book value at December 2011 is $50000.      

8 0
3 years ago
Tamarisk, Inc. had the following transactions during 2022: 1. Issued $280000 of par value common stock for cash. 2. Recorded and
iogann1982 [59]

Answer:

$996,800

Explanation:

Tamarisk, Inc. had the following transactions during 2022:

1. Issued $280000 of par value common stock for cash.

2. Recorded and paid wages expense of $134400.

3. Acquired land by issuing common stock of par value $112000.

4. Declared and paid a cash dividend of $22400.

5. Sold a long-term investment (cost $6720) for cash of $6720.

6. Recorded cash sales of $896000.

7. Bought inventory for cash of $358400.

8. Acquired an investment in Zynga stock for cash of $47040.

9. Converted bonds payable to common stock in the amount of $1120000. 10. Repaid a 6-year note payable in the amount of $492800.

The net cash provided by financing activities is

1. Issuance of stock for Cash .................$280,000

2. Issuance of stock for Land................. $112,000

3. Cash dividend of ....................................($22,400)

4. Issuance of common stock of ...........$1,120,000

5. Repayment of 6-year note payable  ($492,800)

NET CASH .....................................................$996,800

5 0
3 years ago
Lottery – Let $1,000 be your current wealth. There are 100 people and each buys a lottery ticket at $5. The administrative cost
MatroZZZ [7]

Answer:

Kindly check explanation

Explanation:

Given that :

Initial wealth = $1000

Cost of lottery = $5

Winning = $500

Number of players or tickets = 100

Only one winner can emerge :

P(winning) = 1/100

P(Not winning) = 1 - 1/100 = 99/100

P __ 1/100 _________ 99/100

X : [1000 + (500-5)] ___ (1000-5)

P(X): ____1/100 _______ 99/100

X : _____ 1495 _________995

Expected value E(x) :

E(X) = ΣX*p(x) = (1/100)*1495 + (99/100)*995 = 1000

C.)

Possible winning = $500 ; p(x) = 1/100

Possible loss = - 5 ;p(x) = 99/100

500 * (1/100) = 5

-5 * (99/100) = - 4.95

Σ(5 + - 4.95) = 5 - 4.95 = 0.05

Hence, gamble is favorable since 0.05 > 0

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