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stiv31 [10]
3 years ago
7

The original cost of an inventory item is below both replacement cost and net realizable value. The net realizable value less no

rmal profit margin is below the original cost. Under the lower of cost or market method, the inventory item should be valued at
Business
1 answer:
Tanzania [10]3 years ago
4 0

Answer:

D) Original cost.

Explanation:

When the company uses the lower of cost or market method, it should assign value to its inventory by calculating the middle figure between replacement cost or net realizable value, and net realizable value - normal profit.

In this case, the market value must be either the replacement cost or the net realizable value, but both values are the highest. Since the original cost is below the market value, but above the net realizable value - normal profit, the inventory must be valued at the original cost.

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Identify the item below that is accurate regarding preparer retention of records.a. The preparer must make the copy or record of
AveGali [126]

Answer:

D. all of the above

Explanation:

a. The preparer must make the copy or record of returns and claims for refund and record of the individuals required to sign available for inspection upon request by the commissioner.

b. The preparer must retain a completed copy of each return or claim for refund prepared or retain a record by list, card file, or otherwise, of information, as required by regulation, about each return prepared.

c. The preparer must retain information about the preparer of each return presented to a taxpayer for signature. This information may be retained via retention of a copy of the return or claim for refund, maintenance of a list or card file, or otherwise.

7 0
3 years ago
Percy Company purchased 80% of the outstanding voting shares of Song Company at the beginning of 2014 for $406,000. At the time
Gnom [1K]

Answer:

since Percy Company's owns 80% of Song Company's stocks, we must use the equity method to record its investment in Song Company

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Dr Investment in Song Company 406,000

    Cr Cash 406,000

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Dr Investment in Song Company 48,480

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2015, to record Song's net income

Dr Investment in Song Company 43,120

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2016, to record Song's net loss

Dr Loss on investment 45,760

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2014, to record Song's dividends

Dr Cash 19,040

    Cr Investment in Song Company 19,040

2015, to record Song's dividends

Dr Cash 40,480

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2016, to record Song's dividends

Dr Cash 29,040

    Cr Investment in Song Company 29,040

   

5 0
3 years ago
Park uses a perpetual inventory system. Determine the cost assigned to ending inventory and to cost of goods
DIA [1.3K]

Answer:

below

Explanation:

3 0
3 years ago
Choose all that apply. To avoid financial risks, you should _____. obtain health insurance
Leni [432]
I believe the answer here is B. Answer choices (A, E,F,G) Were good but you want to know how to AVOID financial risk. If you protect your personal info. you have nothing to worry about! Hope this helps :)
5 0
3 years ago
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The question of who pays the greater amount of a commodity tax is determined by:
kotegsom [21]
The Judge since he is in charge and what he says goes

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2 years ago
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