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Igoryamba
3 years ago
9

On April 1, Robert LLC purchased two units of inventory, A and B. The cost of unit A was $655, and the cost of unit B was $575.

On April 30, Robert LLC had not sold the inventory. The net realizable value of unit A was now $675 while the net realizable value of unit B was $505. The adjustment associated with the lower of cost and net realizable value on April 30 will be:
Cost of Goods Sold 70 Inventory 70Inventory 70 Cost of Goods Sold 70Cost of Goods Sold 85 Inventory 85Inventory 85
Cost of Goods Sold 85
Business
1 answer:
Reil [10]3 years ago
3 0

Answer:

Cost of Goods Sold 70 Inventory 70

Explanation:

For recording the inventory in the book of accounts, we consider the cost or net realizable value whichever is lower

According to the question, the inventory unit for A would be recorded at $655, and the inventory unit for B would be recorded at $505 as these reflect the lower cost.

The journal entry is shown below:

Cost of goods sold A/c $70 ($575- $505)

    To Inventory A/c               $70

(Being adjusted entry recorded)

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Thus, Bob chose the best alternative over his brother.

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Answer:

✔️Demand Pull Inflation:

1. Too much money chasing too few goods

2. Stiff competition among consumers

✔️Cash Pull Inflation:

1. Increase in cost of production

2. Decrease in supply of goods and services

3. Aim of sellers is to maximize profit

Explanation:

Demand pull inflation is often caused by the increase in the aggregate demand of outputs than an economy can produce as a result of increased government spending, expanding economy and so on.

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2. Decrease in supply of goods and services (aggregate supply decreases)

3. Aim of sellers is to maximize profit (as production cost increase, sellers would have to increase the price of goods and services in order not to run at a loss).

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