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shtirl [24]
3 years ago
6

Ames Company determined the following values for its inventory as of December 31: Historical Cost $200,000 Replacement Cost $160

,000 Sales Value $190,000 Cost to Complete and Sell $10,000 Normal Profit Margin $8,000 Fair Value $194,000Under IFRS, what amount should Ames report for inventory at December 31
Business
1 answer:
ser-zykov [4K]3 years ago
8 0

Answer:

Under IFRS, what amount should Ames report for inventory at December 31 at $180,000

Explanation:

Under International Financial Reporting Standards (IFRS) ,the inventory would be reported at the lower of cost and net realizable value.

The original cost of the inventory is $200,000 while its net realizable value is sales value  of $190,000 minus the cost to complete and sell of $10,000 i.e $180,000.

Ultimately ,the inventory would be reported at the NRV of $180,000

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Trade between countries tends to a. reduce both competition and specialization. b. reduce competition and increase specializatio
Shtirlitz [24]

Answer: (D) Increase both competition and specialization      

Explanation:

 According to the given question, the trading between the different types of countries are trends to increase both specialization and competition in the market as it producing various types of products which increase the competition level with different types of organisation as well as Countries.

The specialization is also majorly affect the trading process between different types of countries by producing the specialized products by focusing on the efficiency.

The specialization is plays an important role in trade as by exchanging the various types of products then it automatically increase the production and the productivity.

 Therefore, Option (D) is correct answer.

8 0
4 years ago
Freytag Corporation's variable overhead is applied on the basis of direct labor-hours. The company has established the following
Aleks04 [339]

Solution

Given :

Standard direct labor hours = 4.6 hours per unit

Standard variable overhead rate = $ 4.60 per hour

Actual direct labor hours worked = 9400

Actual variable overhead incurred = $ 44,940

Number of units of N06C = 2100 units

Therefore, output absorbed, V.OH = SHAO x budget OH/hr

                                                    = (2100 units x 4.6 per unit) x $ 4.60 per hour

                                                    = $ 44,436

The Input Absorbed V.OH = actual hours x budgeted OH/hour

                                            = 9400 x $ 4.60 per hour

                                            = $ 43,240

Therefore, the variable overhead rate variance is = $ 43,240 - $ 44,436

                                                                                  = $ 1196 (U)

7 0
3 years ago
Use the following information for calendar year 2020: Accounts receivable, January 1 $125,000 Credit sales during the year 1,400
Aloiza [94]

Answer:

See below

Explanation:

Given the information above, first we need to compute ending balance of account receivables.

Ending balance of account receivables = Beginning balance + Credit sales - Customer's account collected - Write off amount

= $125,000 + $1,400,000 - $1,350,000 - $0

= $175,000

The year end balance in the allowance for uncollectible account would be

= $175,000 × 10%

= $17,500

Now, the bad debt expense

= Year end balance of allowance for uncollectible account - Beginning balance of allowance for doubtful accounts + Written off

= $17,500 - $15,000 + $0

= $2,500

6 0
3 years ago
It can be referred from the text that ...
Contact [7]

This question is incomplete because the text is missing; here is the missing part:

Text 1

1. Remove the back cover, using a small screwdriver to loosen the screw

2. Remove batteries and replace with two new AAA batteries. use the + and - signs to position correctly. dispose of used batteries properly.

3. Replace the cover and tighten the screw with the screwdriver

4. Reset the time using the side buttons

The GMX 200 is guaranteed to keep time accurately for one full year from date of purchase should it malfunction in any way during this time period, your money will be refunded in full.

The correct answer to this question is C. The users will get full refund if there is malfunction during the guarantee period.

Explanation:

This text provides instructions to change the battery in a GMX 200, which can be inferred it is a clock or similar device. This text explains the different steps users need to follow to change batteries. Moreover, in the last section of the text, it is clarified if there is any failure during the first year, which is the guaranteed time "your money will be refunded in full". According to this, it can be inferred during this time any malfunction implies the user gets a complete refund (option C.)

6 0
3 years ago
Monopoly insurance is the only company marketing a certain line of insurance in a state. after complaints from several consumers
Rama09 [41]
It makes the biloating rating obecyive monplly to the form of the inverstjgatdd
6 0
4 years ago
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