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steposvetlana [31]
3 years ago
11

A company accounts for its inventory using the first-in, first-out (FIFO) method. The following information pertains to the inve

ntory at the end of the fiscal year:
Historical cost $150,000
Current replacement cost 120,000
Net realizable value (NRV) 125,000
Normal profit margin 15,000
Fair value 140,000

What amount should the company report as inventory on its year-end balance sheet?
Business
1 answer:
Free_Kalibri [48]3 years ago
3 0

Answer:

$125,000

Explanation:

Inventory is initially recognized at cost which includes the purchase price and all cost elements directly attributable to getting the inventory item to it's place of use.

However inventory is subsequently carried at the lower of cost or net realizable value.

In light of this and the information given, Historical cost $150,000 while Net realizable value (NRV) 125,000. Since the Net realizable value (NRV) 125,000 is lower than the Historical cost $150,000 , inventory is recognized at the NRV of $125,000.

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When the price of erasers increases from $1.50 to $2.50, the quantity demanded of pencils is unchanged. The cross-price elastici
Inga [223]

Answer:

d. 0; unrelated.

Explanation:

Cross elasticity of demand is the degree of responsiveness of demand for a particular product to a change in the price of another product.

A change in price of a product will lead to a change in demand for another product if the two goods are either goods of close substitutes or if they are complements. If two goods are not related, the change in price of one will not have any impact on the demand for the other good.

In this question, the cross elasticity is zero because biro and pencil are not related.

3 0
3 years ago
Superior Corporation reported taxable income of $1,000,000 in 20X3. Superior paid a dividend of $100,000 to its sole shareholder
Komok [63]

Answer:

$225,000

Explanation:

Federal corporate income tax (21% flat rate)

$1,000,000 x 21% = $210,000

Federal dividend tax (15%).

$100,000 x 15% = $15,000

Dividens are neither expenses nor deductible, so they do not reduce the amount of corporate taxable income. Therefore we must add up the two quantities.

$210,000 + $15,000 = $225,000

7 0
3 years ago
The unintentional misstatement or nondisclosure of a material fact made by one party with the hope of influencing the other part
wolverine [178]

The correct answer of the question is Fraud.

The unintentional misstatement or nondisclosure of a material fact made by one party with the hope of influencing the other party amounts to: Fraud.

<h3>What is Fraud?</h3>
  • It is a form of deception or an unlawful gain.
  • It is an intentional form of deception that can have various criminal consequences.
  • There are various kinds of frauds like bank fraud, insurance fraud etc..
  • It is committed with the intention of gaining an unauthorized benefit.
  • it can occur in various domains like finance, real estate, insurance etc.
  • Usually a fraud can lead the person to have legal consequences and the victim can sue the person or organization which was involved with the crime.

To learn more about fraud visit: brainly.com/question/20357860

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5 0
2 years ago
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agasfer [191]

Answer:

Contingent means "depending on certain circumstances." If a house is listed as contingent in real estate it means that an offer has been made and accepted, but before the deal is complete some additional criteria must be met.

Explanation:

Hope this helps! (I just looked it up) Good luck!!

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The aggregate expenditure model can be written in terms of four spending categories. Which equation shows the relationship betwe
Kay [80]

Answer:

The correct answer is AE = C + I + G + NX.

Explanation:

Aggregate spending (in Keynes's opinion) is the key to economic activity, that is, what families, businesses and government plan to buy determines what companies will end up producing. In the first stage of the analysis, a simplified model excludes the government, assumes that there is no foreign sector, and that the level of real income or income (and not prices) is the main determinant of aggregate expenditure

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