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lozanna [386]
2 years ago
9

Robyn's Retail had 500 units of inventory on hand at the end of the year. These were recorded at a cost of $19 each using the la

st-in, first-out (LIFO) method. The current replacement cost is $17 per unit. The selling price charged by Robyn's Retail for each finished product is $27. In order to record the adjusting entry needed under the lower-of-cost-or-market rule, the Merchandise Inventory will be ________. Group of answer choices debited by $8,500 credited by $8,500 debited by $1,000 credited by $1,000
Business
1 answer:
podryga [215]2 years ago
8 0

Answer:

Credit inventory 1000 and debit COGS 1000

Explanation:

19*500=9500 <price it is recorded at currently

The rule requires lower cost - market vs. price. Since market cost is lower, you  have to find out how much the ending inventory balance should be

17*500=8500

9500-8500=1000

The inventory booked should be lowered, thus requiring credit entry of 1000. Since it is a merchandise loss, it is counted towards cost of goods sold expense, thus debit

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Answer:

14.277 hours.

Explanation:

Please see attachment.

4 0
3 years ago
You've just created and e-mailed the financial statements to your boss? What is the next step you should do in accounting cycle?
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5 0
3 years ago
The Scrum Team should choose at least one high priority process improvement, identified during the Sprint Retrospective, and pla
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Answer:

B-False

Explanation:

After the retrospective discussion all the improvement items discussed are placed in the Product Backlog. To ensure continuous improvement, the next sprint backlog ( & not the current one) should include at least one high priority process improvement which was identified in the previous Sprint Retrospective meeting.

8 0
3 years ago
Barcelona demands a certain level of quality and the organization is continuously raising the bar on expectations. Given this fo
zimovet [89]

Barcelona demands a certain level of quality and the organization is continuously raising the bar on expectations. The individual that would be best fit for working at Barcelona is the person with Strong Type B personality

Answer: Option (d) is correct

Explanation:

Type B personality people are fit for working in Barcelona. They are the ones who are stress- free. They have control over their emotions. They are mostly relaxed and not at all aggressive.

They can comfortably express them without any kind of hesitation. They possess patience which is of utmost importance in any field. Their flexible nature enables them to adapt to changes quickly. They are highly motivated but have laid back attitude.

8 0
2 years ago
Genent​ Industries, Inc.​ (GII), developed standard costs for direct material and direct labor. In​ 2017, GII estimated the foll
Alex_Xolod [135]

Answer:

The quantity variance = -900 unfavorable

Explanation:

Direct materials flexibel - budget variance:

standard

0.7 pounds $30 per pound

3,000 x 0.7 = 2,100 standard pounds

actual

2,400 pound $29 per pound

quantity variance:

30(2,100 - 2,400) = -900

6 0
2 years ago
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