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Luda [366]
3 years ago
15

Waterway Frame Camera Shop uses the lower-of-cost-or-net realizable value basis for its inventory. The following data are availa

ble at December 31.
Item Units Unit Cost Market Value
Cameras:
Minolta 9 $170 $154
Canon 6 151 153
Light meters:
Vivitar 12 122 110
Kodak 20 120 135
Determine the amount of the ending inventory by applying the lower-of-cost-or-net realizable value basis.
Business
1 answer:
Ludmilka [50]3 years ago
5 0

Answer:

$6,012

Explanation:

The computation of the amount of ending inventory is shown below:

<u>Cameras          Unit               Cost         market value         LCM     Total value </u>

Minolta             9                    $170        $154                       $154     $1,386

Canon              6                    $151         $153                       $151     $906

Light meters

Vivitar              12                   $122        $110                       $110       $1,320

Kodak              20                   $120       $135                     $120        $2,400

Total                                                                                                     $6,012

The quantity should be multiplied by cost or market value whichever is lower

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Answer:

The Ariana's accounting profit for the year was $6,000

Explanation:  

Accounting Profit : The accounting profit is that profit which records the difference of total revenues and total direct cost.

Where,

Total revenues includes sales revenues

And total cost includes monetary cost, etc.

So,

Accounting profit = Total revenues - Total cost

where

Total revenues = 2,000 × $2.5 + 4,000 ×$2.5 = $15,000

Monetary cost = $9,000

So,

Accounting profit = $15000 - $9000 = $6,000

Hence, the Ariana's accounting profit for the year was $6,000

7 0
3 years ago
Steak Company acquired a building valued at $170,000 for property tax purposes in exchange for 10,000 shares of its $5 par commo
Yuliya22 [10]

Answer:

$160,000

Explanation:

Data provided in the question:

Value of the building acquired = $170,000

Number of shares exchanged = 10,000

Selling price of the stocks = $16 per share

Now,

The amount for which the building will be recorded by Steak Company is the market value of the shares that has been exchanges to acquire the building.

Therefore,

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3 0
3 years ago
Mrs. Tolstoy and her husband, Serge, are planning their dream house. The lot for the house sits high on a hill with a beautiful
sergeinik [125]

Answer:

$299,280

Explanation:

If the Tolstoys purchased the house they would pay on average $120 per sq ft x 2,900 sq ft = $348,000

If Mr. installs the plumbing and Mrs. Tolstoy decorates the house, they can save 10% (plumbing and installing plumbing fixtures) and 4% (interior decorating) = 14% of the cost

So the Tolstoys can save = $348,000 x 14% = $48,720

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Answer: financial aid mostly

Explanation:

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Which of the following is a reason that single sourcing is considered risky/bad?a. Larger orders make quantity discounts more li
Alinara [238K]

Answer:

The correct answer is letter "B": There could be supplier interruptions due to political instability.

Explanation:

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