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Sedaia [141]
3 years ago
10

Using the lower of cost or market, what should the total inventory value be for the following items: Item Quantity Unit Cost Pri

ce Unit Market Price Total Cost Price Total Market Price Lower of Cost or Market A 201 $7 $11 $1,407 $2,211 $ B 98 17 15 1,666 1,470 C 71 23 26 1,633 1,846 $
Business
1 answer:
swat323 years ago
8 0

Answer:

$4,706

Explanation:

The computation is shown below:

As we know that the inventory should be valued at lower of cost or market value which is shown below:

Tota cost price for all markets is

= Market A + Market B + market C

= $1,407 + $1,666 + $1,633

= $4,706

And, the total market price for all markets is

= Market A + Market B + market C

= $2,211 + $1,470 + $1,846

= $5,527

So based on the above calculation, the cost price should be lower off and the same is to be considered

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Ashland Corporation estimates its manufacturing overhead costs to be $360,000 and its direct labor costs to be $400,000 for 2020
denis23 [38]

Answer:

Allocated MOH= $180,000

Explanation:

Giving the following information:

Manufacturing overhead is applied to jobs based on direct labor costs using a predetermined overhead rate.

The estimated manufacturing overhead costs are $360,000 and direct labor costs $400,000.

First, we need to calculate the MOH rate:

Estimated manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base

Estimated manufacturing overhead rate= 360000/400000= $0.9 per direct labor dollar.

The actual manufacturing labor costs for job 3 are $200,000.

Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base

Allocated MOH= 0.9*200000= $180,000

7 0
3 years ago
During 2021, its first year of operations, Ashbaugh Industries recorded sales of $21,000,000 and experienced returns of $1,400,0
juin [17]

Answer:

B) Credit to refund liability of $280,000

Explanation:

The total estimated returns are 85 of the total sales = 8% x $21,000,000 = $1,680,000.

Since the company had already accounted for $1,400,000 in returns, the adjusted necessary should be = total returns - accounted returns = $1,680,000 - $1,400,000 = $280,000

Since the refund liability account must increase, and it is a liability account, it should be credited.

3 0
3 years ago
True or False:
kramer

Explanation:

22

3 25

6 15

a. Determine which variable is the dependent variable.

b. Compute the least squares estimated line.

c. Compute the coefficient of determination. How would you interpret this value

5 0
3 years ago
How are traditional economies like free-market economies?
shutvik [7]
The last one. hope it helps!
7 0
3 years ago
Read 2 more answers
Determine the ending inventory under the conventional retail method for the furniture department of Mayron Department Stores fro
Alisiya [41]

Answer:

$199,541.51

Explanation:

5 0
3 years ago
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