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lozanna [386]
3 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]3 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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5 0
2 years ago
If a gig economy driver takes the standard mileage rate (SMR), which additional expense is allowed on top of the SMR?
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3 years ago
On July 4, 2018, Wyoming Mining Company purchased the mineral rights to a granite deposit for $1,600,000. It is estimated that t
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Answer:

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Explanation:

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5 0
3 years ago
Sew ‘N More just paid an annual dividend of $1.42 a share. The firm plans to pay annual dividends of $1.45, $1.50, and $1.53 ove
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Answer:

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Present Value = $3,71

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