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3 years ago

Data related to the inventories of Kimzey Medical Supply are presented below:

Business

1 answer:

DedPeter [7]3 years ago

3 0

Answer:

c. $155.

Explanation:

Kimzey Medical Supply's merchandise inventory:

Surgical equip. Surgical supplies Rehab equip. Rehab supplies

Selling price $335 $195 $415 $240

Cost $245 $165 $325 $237

Replacement $315 <u>$155</u> $310 $233

cost

Net RV $275 $175 $375 $200

If we apply the lower of cost or market rule for determining the value of surgical equipment, its value would be: $155 because the replacement cost (or market price) is lower than the historical cost or the net realizable value.

When we use the lower of cost or market rule, we should value our inventory at the lowest value between original purchase cost, replacement (or market) price or net realizable value.

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Instructions are listed below

Explanation:

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The high-low method involves taking the highest level of activity and the lowest level of activity and comparing the total costs at each level.

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A) Variable cost= (Highest activity cost - lowest activity cost) / (Highest activity units - lowest activity units)

Variable cost= (6300 - 5150) / (600 - 325)= 4.18 per unit

Fixed cost= HACost - (variable cost per unit * HAUnits)= 6300 - (4.18*600)= 3792

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3 years ago

In an open economy, national saving equals a. domestic investment. b. domestic investment plus net capital outflow. c. domestic

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In an open economy, national saving equals to domestic investment and net capital outflow

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In an open economy national saving as considered or calculated an equal to the domestic investment and net capital outflow.

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Apart from this, countries also invests in the other foreign countries which is also considered as domestic (national) saving.

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e received $120,000 for damages to his professional reputation, $100,000 for damages to his personal reputation, and $50,000 in

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3 years ago

J. Morgan and M. Halsted are partners who share income and loss in a 3:1 ratio. After several unprofitable periods, the two part

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Answer:

cash 110,000 debit

land 100,000 credit

gain at disposal 10,000 credit

--to reocrd teh sale of land--

accounts payable 80,000 debit

cash 80,000 credit

--to record the payment of liabilities--

gain at disposal 10,000 debit

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--to distribute the gain from sale--

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Explanation:

ratio 3:1 (3+1=4)

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3 years ago