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olya-2409 [2.1K]
3 years ago
15

On January 1, Greenview Company adopted the dollar-value LIFO method. The inventory cost on January 1 was $112,000. On December

31, ending inventory had a cost of $136,400. The cost index for the year was 1.10. For what amount would ending inventory be reported?
Business
1 answer:
Mumz [18]3 years ago
7 0

Answer:

125,200

Explanation:

Adjust inventory to base year prices:

= Cost of ending inventory ÷ cost index for the year

= $136400 ÷ 1.1

= $124,000

Current year LIFO layer:

= Adjust inventory to base year prices - Cost of beginning inventory

= $124,000 - $112,000

= $12,000

Inventory to be shown:

= Add the new LIFO layer at end of period prices to prior year LIFO inventory

= (112,000 × 1) + (12,000 × 1.1)

= 112,000 + 13,200

= 125,200

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Toussaint Company issued 10,000 shares of its common stock in exchange for merchandise that it will resell. The merchandise had
Aleks [24]

Answer:

The correct answer is $300,000.

Explanation:

According to the scenario, the computation of the given data are as follows:

Original cost = $250,000

Fair value = $300,000

Retail value = $520,000

As Share based transaction of the organization record or issued always at fair value for which the goods or services are exchanged.

Here, Fair value is given.

So, the transaction will be recorded at fair value = $300,000

7 0
3 years ago
What are the major jobs of MBBS doctor?​
Phantasy [73]
Physician
Surgeon
Professor
Scientist
6 0
2 years ago
From the standpoint of the economy as a whole, the role of insurance is A. to entice risk-loving people to become risk averse. B
Scilla [17]

Answer:

C. not to eliminate the risks inherent in life, but to spread them around more efficiently

Explanation:

Insurance is an agreement where the insurer agrees to cover the losses that might arise if certain events occur to the insured.

Moral hazard and adverse selection are some of the negative issues that arise as a result of insurance.

I hope my answer helps you

3 0
3 years ago
Three partners are liquidating and have capital balances as follows: Mia $5,000; Carlyle $9,000; and Roger ($3,000). Roger will
tekilochka [14]

Answer: credit; $3000

Explanation: Three partners are liquidating and have capital balances as follows: Mia $5,000; Carlyle $9,000; and Roger ($3,000). Roger will pay back his deficiency. The entry to record this transaction will include a credit to Roger, Capital in the amount of $3000.

This is because he will have to credit $3000 so that he will be able to cover his deficit

5 0
3 years ago
By what specific measurement is construction used as an economic indicator for the u.s. economy?
Vitek1552 [10]

The specific construction measurement used as an indicator for the health of the economy in the United States is housing starts.

<h3>What is housing starts?</h3>

The phrase "housing starts" refers to the beginning of building a new residential dwelling.

A crucial economic indicator frequently observed by players in the financial markets, new housing is a high-ticket capital product that encourages extra consumer expenditure on furnishings and appliances.

Based on a poll of homebuilders that is partially funded by the U.S., the U.S. Census Bureau publishes estimates of U.S. housing starts on the 12th business day of every month. Urban Development and Housing Department.

A count of building permits collected from a separate survey of building permit offices are also included in the New Residential Construction report along with information on housing completions.

Learn more about housing starts

brainly.com/question/20511721

#SPJ4

8 0
1 year ago
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