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Hitman42 [59]
2 years ago
7

Oriole Company sells three different categories of tools (small, medium and large). The cost and market value of its inventory o

f tools are as follows. Cost MarketSmall $ 68,650 $ 56,490 Medium 283,710 237,140 Large 146,510 177,300 Determine the value of the company’s inventory under the lower-of-cost-or-market approach.
Business
1 answer:
Vladimir79 [104]2 years ago
5 0

Answer:

$440,140

Explanation:

According to the accounting principle, the inventory should be valued at lower of cost or market value. The calculation is shown below:

                      Cost                   Market             Lower value

Small             $68,650           $56,490              $56,490

Medium        $283,710          $237,140              $237,140

Large            $146,510          $177,300               $146,510

Total                                                                    $440,140

Hence, the ending inventory would be valued at $440,140

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Which of the following terms describes making false statements about the financial condition of any insurer that are intended to
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Question 1 of 10
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Repurchase by the company of its own common stock $ 41,000 Sale of long-term investment $ 60,000 Interest paid to lenders $ 15,5
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The net cash provided by investing activities on the statement of cash flows will be $106,000

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Investing activities include all the cash transactions incurred for the fixed asset of the company.

The net cash provided by (used in) investing activities can be calculated as follows

Net cash provided by (used in) investing activities = Sale of long-term investment + Collection by McCorey of a loan made to another company

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Placing values in the fomrula

Net cash provided by investing activities = $60,000 + $46,000 = $106,000

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3 years ago
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